ANNAPOLIS, Md., Aug. 3, 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
earnings as shown in the table below:
|
For the Three Months
Ended
June 30,
2016
|
|
For the Three Months
Ended
June 30,
2015
|
|
$ in
thousands
|
|
Per Share
|
|
$ in
thousands
|
|
Per Share
|
GAAP Net
income
|
$3,747
|
|
$0.09
|
|
$1,470
|
|
$0.04
|
Core
Earnings
|
$12,724
|
|
$0.32
|
|
$8,086
|
|
$0.26
|
|
|
|
|
|
|
|
|
|
For the Six Months
Ended
June
30, 2016
|
|
For the Six Months
Ended
June
30, 2015
|
|
$ in
thousands
|
|
Per Share
|
|
$ in
thousands
|
|
Per Share
|
GAAP Net
income
|
$6,916
|
|
$0.16
|
|
$3,592
|
|
$0.10
|
Core
Earnings
|
$24,920
|
|
$0.64
|
|
$15,489
|
|
$0.53
|
The difference between GAAP and Core earnings is primarily the
result of adjusting for distributions, net of an estimated return
of capital, from our equity method investments in renewable
projects and adding back non-cash equity based compensation.
A reconciliation of our GAAP net income to Core Earnings is
included in this press release.
"In response to equity market volatility in the first half of
the year, we demonstrated one of the strengths of our business
model by shifting to more securitizations, which had the impact of
increasing earnings in the quarter," said Chairman and CEO,
Jeffrey Eckel. "This highlights our
flexibility and left us well positioned to continue to fund
transaction growth, while being ready to take advantage of market
windows when they open, which we did in June raising $91 million in equity. In the current
environment, we now expect to place more transactions on our
balance sheet in the second half of the year and thus return
securitization volumes to a lower level."
Highlights
- Closed $470 million of
transactions in the first two quarters of 2016 compared to
$455 million in the same period in
2015
- Growth of 125% quarterly GAAP EPS and 23% quarterly Core
EPS in second quarter 2016 over second quarter 2015
- $0.30 per share quarterly
dividend, for an annualized yield of 5.4% based on our closing
stock price of $22.20 on August 2, 2016
- Our forward-looking Portfolio yield remained at 6.3% as of
June 30, 2016
- Raised $91 million in
a follow-on offering and approximately $1 million through our "at-the-market" ("ATM")
equity distribution program
- Achieved 70% fixed-rate debt target
- Debt to equity ratio of 1.7 to 1 as of June 30, 2016
- Maintained a diversified pipeline of over $2.5 billion
"Our core efficiency, wind and solar markets remain solid and
our pipeline is strong. While the 5 year extension of the renewable
tax credits gives more clarity in the longer term, it seems to have
created uncertainty for some clients on project timing in the near
term, reminding us of the value of having multiple origination
markets and platforms," said Mr. Eckel.
Portfolio
Our Portfolio totaled approximately $1.4
billion as of June 30, 2016,
and included $400 million of energy
efficiency investments, $972 million
of renewable energy (wind and solar) transactions and $19 million of other sustainable infrastructure
investments. The following is an analysis of our Portfolio by type
of obligor and credit quality as of June 30,
2016:
|
Investment
Grade
|
|
|
|
|
|
Government
(1)
|
Commercial
Investment
Grade(2)
|
Commercial
Non-
Investment
Grade
(3)
|
Subtotal,
Debt
and
Real
Estate
|
Equity
Method
Investments(4)
|
Total
|
|
|
|
($ in
millions)
|
Financing
receivables
|
$
372
|
$
415
|
$
17
|
$
804
|
$
-
|
$
804
|
Financing receivables
held-for-sale
|
42
|
-
|
-
|
42
|
-
|
42
|
Investments
|
33
|
15
|
-
|
48
|
-
|
48
|
Real
estate(5)
|
-
|
162
|
-
|
162
|
-
|
162
|
Equity method
investments
|
-
|
-
|
-
|
-
|
335
|
335
|
Total
|
$
447
|
$
592
|
$
17
|
$
1,056
|
$
335
|
$
1,391
|
% of Debt and Real
Estate Portfolio
|
42%
|
56%
|
2%
|
100%
|
N/A
|
N/A
|
Average Remaining
Balance(6)
|
$
12
|
$
9
|
$
17
|
$
10
|
$
21
|
$
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
$268
million of U.S.
Federal Government transactions and $179 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, $10 million of the
transactions have been rated investment grade by an independent
rating agency. Commercial investment grade
financing receivables include $177 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 ownership
interests in operating renewable energy projects.
|
(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 84
transactions each with outstanding balances that are less than $1
million and that in the aggregate total $30 million.
|
Second Quarter Financial Results
Gain on sale and fee income was $5.8
million for the three months and $11.6 million for the six months ended
June 30, 2016, as compared to
$2.4 million and $5.5 million for the same periods last
year. This resulted from approximately $329 million of securitization activity in the
first half of 2016 as compared to approximately $100 million in same period last year. This
increase, along with investment returns from the Portfolio, were
the key drivers of the growth in both GAAP and Core Earnings for
the second quarter and the first half of the year.
The growth was offset by an approximately $5 million increase in interest expense for the
three months, and an approximately $10
million increase for the six months ended June 30, 2016, as compared to the same periods
last year as a result of higher levels of outstanding borrowings
and an increase in fixed rate debt as shown in the chart below.
|
As of
|
|
June
30, 2016
|
|
% of Total
|
|
June
30, 2015
|
|
% of Total
|
|
($ in
millions)
|
|
|
Floating-Rate
Borrowings(1)
|
$257
|
|
30%
|
|
$420
|
|
58%
|
Fixed-Rate
debt(2)
|
$613
|
|
70%
|
|
$305
|
|
42%
|
Total
|
$870
|
|
100%
|
|
$725
|
|
100%
|
Leverage(3)
|
1.7 to
1
|
|
|
|
2.1 to
1
|
|
|
(1)
|
2016 Floating-Rate
Borrowings include borrowings under our floating-rate credit
facility and approximately $11 million of nonrecourse debt
that has not been hedged.
|
(2)
|
Fixed-Rate debt
includes the present notional value of nonrecourse debt that is
hedged using interest rate swaps. There were no hedges in
place in 2015.
|
(3)
|
Leverage, as measured
by our debt-to-equity ratio. This calculation excludes
securitizations that are not consolidated on our balance sheet
(where the collateral is typically financing receivables with U.S.
government obligors).
|
SG&A (compensation and benefits and general and
administrative expenses) grew by approximately $2.5 million for the three months, and by
approximately $3.2 million for the
six months, ended June 30, 2016, as
compared to the same periods last year as a result of additional
compensation expense as well as higher public company expenses, in
part in preparation for Sarbanes-Oxley Act compliance
requirements.
"While the $91 million equity
raise reduced our leverage at the end of the quarter and will cause
some earnings dilution in Q3, we believe it positioned us well for
various market conditions in the second half of the year," said
Chief Financial Officer Brendan
Herron. "We continue to also focus on opportunities to
further increase our level of fixed-rate debt given the
historically low interest rate environment."
Conference Call and Webcast Information
Hannon Armstrong will host an investor
conference call today, August 3, 2016
at 5:00 pm eastern time. The
conference call can be accessed live over the phone by dialing
1-800-992-7415, or for international callers, 1-913-312-1431. A
replay will be available beginning 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 7842656. The replay will be available until August 10, 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.
Forward-Looking Statements
Some of the information contained in this press release is
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. Statements regarding the
following subjects, among others, may be
forward-looking:
- 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;
- 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 earnings release, whether as a result of new
information, future events or otherwise.
The risks included here are not exhaustive. Our 2015
Form 10-K or other regulatory filings may include additional
factors that 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 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
We calculate Core Earnings as U.S. GAAP net income excluding
non-cash equity compensation expense, non-cash provision for credit
losses, amortization of intangibles, one-time acquisition related
costs, if any and any non-cash tax charges. We also make an
adjustment to account for our equity method investments in the
renewable energy projects as described below. In the future, Core
Earnings may also exclude one-time events pursuant to changes in
U.S. GAAP and certain other non-cash charges as approved by a
majority of our independent directors.
Our equity method investments in the renewable energy projects
are structured using typical 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, in many cases, along
with tax attributes. Once this preferred return is achieved, the
partnership flips and the renewable energy company, which operates
the project, receives more of the cash flows through its equity
interests with the institutional investors retaining an ongoing
residual interest. The cash flows in renewable energy
projects are often significantly different from the net income due
to high levels of depreciation and other non-cash expense and the
agreed upon allocation of cash flow in a project with these
preferred returns may be different than the allocation of profit
and loss.
Under U.S. GAAP, we account for these investments utilizing the
hypothetical liquidation at book value method ("HLBV"), in this
case, at the end of the immediately preceding quarter. Under
this method, we recognize income or loss based on the change in the
amount each partner would receive, typically based on the profit
and loss allocation, if the assets were liquidated at book value,
after adjusting for any distributions or contributions made during
such quarter. Given the structure of the investments, we negotiated
the purchase prices of our renewable energy 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. In an attempt to treat these investments in a
manner similar to our other investments and our initial valuation
and because we are entitled to receive a preferred return of cash
flows on our investments independent of how profits and losses are
allocated, in calculating Core Earnings for the below periods, we
include as Core Earnings the distributions received from these
investments less an estimated return of capital. Generally,
under this methodology, we reflect our initial capital investment
as being amortized over the life of the project using a constant
yield. The initial constant yield we selected is equal to the
discount rates we determined when making our investment decisions.
On at least a quarterly basis, we will review and, if
appropriate, adjust the discount rates and the expected
amortization for purposes of calculating Core Earnings 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 in our Strong Upwind
transactions is projected to change in 2019, which is expected to
result in an increase of the amount of HLBV profits or losses
allocated to us.
We have outstanding borrowings of approximately $215 million on a nonrecourse basis as of
June 30, 2016, using our equity
method investments as collateral. Included in our U.S. GAAP
investment interest expense for the six months ended June 30, 2016, was approximately $7 million of interest expense related to these
nonrecourse loans. For the six months ended June 30, 2016, we collected cash distributions
from our renewable energy investments of approximately $30 million, of which $12
million represents our Core Earnings adjustment for these
investments based upon the constant yield methodology
discussed above.
We believe that Core Earnings provides an additional measure of
our core operating performance by eliminating the impact of certain
non-cash expenses and facilitating a comparison of our financial
results to those of other comparable REITs with fewer or no
non-cash charges and comparison of our own operating results from
period to period. Our management uses Core Earnings in this way. We
believe that our investors also use Core Earnings, or a comparable
supplemental performance measure, to evaluate and compare our
performance to that of our peers, and as such, we believe that the
disclosure of Core Earnings is useful to (and expected by) our
investors.
However, Core Earnings does not represent cash generated from
operating activities in accordance with U.S. GAAP and should not be
considered as an alternative to net income (determined in
accordance with U.S. GAAP), or an indication of our cash flow from
operating activities (determined in accordance with U.S. GAAP), a
measure of our liquidity, or an indication of funds available to
fund our cash needs, including our ability to make cash
distributions. In addition, our methodology for calculating Core
Earnings may differ from the methodologies employed by other REITs
to calculate the same or similar supplemental performance measures,
and accordingly, our reported Core Earnings may not be comparable
to the core earnings reported by other REITs.
We have calculated our Core Earnings and provided a
reconciliation of our GAAP net income to Core Earnings for the
three and six months ended June 30,
2016 and 2015 in the tables below:
|
For the Three
Months Ended
|
|
June
30, 2016
|
|
Per
Share
|
|
June
30, 2015
|
|
Per
Share
|
|
($ in thousands,
except for per share data)
|
|
|
Net income
attributable to controlling shareholders
|
$3,747
|
|
$0.09
|
|
$1,470
|
|
$0.04
|
Adjustments:
|
|
|
|
|
|
|
|
Equity method
adjustments (1)
|
5,673
|
|
|
|
3,488
|
|
|
Non-cash equity-based
compensation charge (2)
|
2,913
|
|
|
|
2,826
|
|
|
Other Core Adjustments
(3)
|
391
|
|
|
|
302
|
|
|
Core Earnings
(4)
|
$12,724
|
|
$0.32
|
|
$8,086
|
|
$0.26
|
(1)
|
Reflects adjustment
for equity method investments described above.
|
(2)
|
Reflects adjustment
for non-cash equity based compensation.
|
(3)
|
See detail
below.
|
(4)
|
Core Earnings per
share for the three months ended June 30, 2016 and June 30, 2015,
are based on 39,547,758 shares and 31,138,380 shares outstanding,
respectively, which represent the weighted average number of fully
diluted shares outstanding during such period and includes unvested
restricted stock and the shares issuable upon redemption of limited
partnership interests in the operating partnership as the income
attributable to the minority interest is also included.
|
|
For the Six
Months Ended
|
|
June
30, 2016
|
|
Per
Share
|
|
June
30, 2015
|
|
Per
Share
|
|
($ in thousands,
except for per share data)
|
|
|
Net income
attributable to controlling shareholders
|
$6,916
|
|
$0.16
|
|
$3,592
|
|
$0.10
|
Adjustments:
|
|
|
|
|
|
|
|
Equity method
adjustments (1)
|
12,315
|
|
|
|
6,371
|
|
|
Non-cash equity-based
compensation charge (2)
|
4,920
|
|
|
|
5,026
|
|
|
Other Core Adjustments
(3)
|
769
|
|
|
|
500
|
|
|
Core Earnings
(4)
|
$24,920
|
|
$0.64
|
|
$15,489
|
|
$0.53
|
(1)
|
Reflects adjustment
for equity method investments described above.
|
(2)
|
Reflects adjustment
for non-cash equity based compensation.
|
(3)
|
See detail
below.
|
(4)
|
Core Earnings per
share for the six months ended June 30, 2016 and June 30, 2015, are
based on 39,069,470 shares and 29,465,971 shares outstanding,
respectively, which represent the weighted average number of fully
diluted shares outstanding during such period and includes unvested
restricted stock and the shares issuable upon redemption of limited
partnership interests in the operating partnership as the income
attributable to the minority interest is also included.
|
The table below provides a reconciliation of the Other Core
Adjustments:
|
For the Three
Months
Ended
|
|
For the Six
Months
Ended
|
|
June
30, 2016
|
|
June 30,
2015
|
|
June
30, 2016
|
|
June 30,
2015
|
|
($ in
thousands)
|
Adjustments:
|
|
|
|
|
|
|
|
Real estate
intangibles (1)
|
$313
|
|
$163
|
|
$612
|
|
$312
|
Amortization
of intangibles (2)
|
50
|
|
51
|
|
101
|
|
102
|
Net income
attributable to minority interest
|
28
|
|
14
|
|
56
|
|
39
|
Non-cash
provision benefit for taxes
|
-
|
|
74
|
|
-
|
|
47
|
Other Core
Adjustments
|
$391
|
|
$302
|
|
$769
|
|
$500
|
(1)
|
Reflects add back of
non-cash amortization of lease intangibles.
|
(2)
|
Adds back non-cash
amortization of pre IPO intangibles.
|
The table below provides a reconciliation of the GAAP SG&A
Expenses to Core SG&A Expenses:
|
For the Three
Months
Ended
|
|
For the Six
Months
Ended
|
|
June
30, 2016
|
|
June 30,
2015
|
|
June
30, 2016
|
|
June 30,
2015
|
|
($ in
thousands)
|
SG&A Expenses
(GAAP)
|
|
|
|
|
|
|
|
Compensation and
benefits (GAAP)
|
$5,754
|
|
$3,978
|
|
$10,172
|
|
$7,830
|
General and
administrative (GAAP)
|
2,322
|
|
1,595
|
|
4,138
|
|
3,327
|
Total SG&A
Expenses (GAAP)
|
8,076
|
|
5,573
|
|
14,310
|
|
11,157
|
Adjustments:
|
|
|
|
|
|
|
|
Non-cash equity-based
compensation charge (1)
|
(2,913)
|
|
(2,826)
|
|
(4,920)
|
|
(5,026)
|
Amortization of intangibles (2)
|
(50)
|
|
(51)
|
|
(101)
|
|
(102)
|
Core SG&A Expenses
Adjustments
|
(2,963)
|
|
(2,877)
|
|
(5,021)
|
|
(5,128)
|
Core SG&A
Expenses
|
$5,113
|
|
$2,696
|
|
$9,289
|
|
$6,029
|
(1)
|
Reflects add back of
non-cash amortization of stock based compensation.
Outstanding shares related to stock based compensation are included
in Core Earnings per share calculation.
|
(2)
|
Adds back non-cash
amortization of pre IPO intangibles.
|
HANNON ARMSTRONG
SUSTAINABLE INFRASTRUCTURE CAPITAL, INC. CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS ($ IN THOUSANDS,
EXCEPT PER SHARE DATA)
(UNAUDITED)
|
|
|
For the Three
Months Ended
June
30,
|
For the Six Months
Ended
June
30,
|
|
2016
|
2015
|
2016
|
2015
|
Revenue:
|
|
|
|
|
Interest income,
financing receivables
|
$
12,647
|
$
8,217
|
$
24,135
|
$
16,545
|
Interest income,
investments
|
434
|
357
|
809
|
753
|
Rental
income
|
2,975
|
2,564
|
5,791
|
4,652
|
Gain on sale of receivables
and investments
|
5,438
|
1,557
|
10,940
|
4,426
|
Fee income
|
351
|
836
|
653
|
1,063
|
Total
Revenue
|
21,845
|
13,531
|
42,328
|
27,439
|
Expenses:
|
|
|
|
|
Investment interest
expense
|
(11,034)
|
(6,103)
|
(22,310)
|
(12,250)
|
Compensation and
benefits
|
(5,754)
|
(3,978)
|
(10,172)
|
(7,830)
|
General and
administrative
|
(2,322)
|
(1,595)
|
(4,138)
|
(3,327)
|
Total
Expenses
|
(19,110)
|
(11,676)
|
(36,620)
|
(23,407)
|
Income before
equity method investments in affiliates
|
2,735
|
1,855
|
5,708
|
4,032
|
Income (loss) from
equity method investments in affiliates
|
1,076
|
(295)
|
1,346
|
(348)
|
Income before
income taxes
|
3,811
|
1,560
|
7,054
|
3,684
|
Income tax
expense
|
(36)
|
(76)
|
(82)
|
(53)
|
Net
Income
|
$
3,775
|
$
1,484
|
$
6,972
|
$
3,631
|
Net income
attributable to non-controlling interest holders
|
28
|
14
|
56
|
39
|
Net Income
Attributable to Controlling Shareholders
|
$
3,747
|
$
1,470
|
$
6,916
|
$
3,592
|
Basic earnings per common
share
|
$
0.09
|
$
0.04
|
$
0.16
|
$
0.10
|
Diluted earnings per common
share
|
$
0.09
|
$
0.04
|
$
0.16
|
$
0.10
|
Weighted average
common shares outstanding—basic
|
37,737,026
|
29,479,023
|
37,376,618
|
27,941,095
|
Weighted average
common shares outstanding—diluted
|
37,737,026
|
29,479,023
|
37,376,618
|
27,941,095
|
HANNON ARMSTRONG
SUSTAINABLE INFRASTRUCTURE CAPITAL, INC. CONDENSED
CONSOLIDATED BALANCE SHEETS
AS OF JUNE 30, 2016 and DECEMBER 31, 2015
($ IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
|
|
|
June 30,
2016
|
December 31,
2015
|
Assets
|
|
|
Financing
receivables
|
$
804,005
|
$
783,967
|
Financing receivables
held-for-sale
|
42,285
|
60,376
|
Investments
available-for-sale
|
47,662
|
29,017
|
Real estate
|
131,713
|
128,769
|
Real
estate related intangible assets
|
30,720
|
26,930
|
Equity method
investments in affiliates
|
334,565
|
318,769
|
Cash and cash
equivalents
|
19,279
|
42,645
|
Other
assets
|
65,909
|
79,148
|
Total
Assets
|
$
1,476,138
|
$
1,469,621
|
Liabilities and
Stockholders' Equity
|
|
|
Liabilities:
|
|
|
Accounts payable, accrued
expenses and other
|
$
26,165
|
$
17,875
|
Deferred funding
obligations
|
78,127
|
108,499
|
Credit
facility
|
245,572
|
247,350
|
Nonrecourse debt
(secured by assets
of $779 million and $815 million, respectively)
|
624,043
|
663,791
|
Total
Liabilities
|
973,907
|
1,037,515
|
|
|
|
Stockholders'
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, 41,985,976 and 37,010,603 shares issued and
outstanding, respectively
|
420
|
370
|
Additional paid in
capital
|
576,041
|
482,431
|
Retained
deficit
|
(71,200)
|
(52,701)
|
Accumulated other
comprehensive loss
|
(6,821)
|
(1,905)
|
Non-controlling
interest
|
3,791
|
3,911
|
Total Stockholders'
Equity
|
502,231
|
432,106
|
Total Liabilities
and Stockholders' Equity
|
$
1,476,138
|
$
1,469,621
|
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SOURCE Hannon Armstrong Sustainable Infrastructure Capital,
Inc.