ANNAPOLIS, Md., Nov. 2, 2016 /PRNewswire/ -- Hannon
Armstrong Sustainable Infrastructure Capital, Inc. ("Hannon Armstrong," "we," "our" or the "Company;"
NYSE: HASI), a leading investor in the efficiency, wind and solar
markets, today reported earnings as shown in the table
below:
|
For the Three Months
Ended
September 30,
2016
|
|
For the Three Months
Ended
September 30,
2015
|
|
$ in
thousands
|
|
Per Share
|
|
$ in
thousands
|
|
Per Share
|
GAAP Net
income
|
$3,329
|
|
$0.07
|
|
$2,119
|
|
$0.06
|
Core
Earnings
|
$12,486
|
|
$0.29
|
|
$8,543
|
|
$0.26
|
|
|
|
|
|
|
|
|
|
For the Nine Months
Ended
September
30, 2016
|
|
For the Nine Months
Ended
September
30, 2015
|
|
$ in
thousands
|
|
Per Share
|
|
$ in
thousands
|
|
Per Share
|
GAAP Net
income
|
$10,244
|
|
$0.23
|
|
$5,712
|
|
$0.16
|
Core
Earnings
|
$37,405
|
|
$0.92
|
|
$24,032
|
|
$0.79
|
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 energy
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.
"Our diversified origination channels across multiple end
markets continue to demonstrate the strength in our strategy, as we
completed approximately $242 million
of originations in the quarter, putting us approximately 20% ahead
of last year at this time on a year to date basis," said Chairman,
President and CEO, Jeffrey Eckel.
"Yields and spreads remain fairly constant, notwithstanding the
uptick in short-term rates."
Highlights
- Closed $712 million of
transactions year-to-date compared to $595
million in the same period in 2015
- Growth of 17% quarterly GAAP EPS and 12% quarterly Core
EPS in third quarter 2016 over third quarter 2015
- $0.30 per share quarterly
dividend, for an annualized yield of 5.4% based on our closing
stock price of $22.12 on November 1, 2016
- 67% fixed-rate debt
- Debt to equity ratio of 1.9 to 1 as of September 30, 2016
- Maintained a diversified pipeline of over $2.5 billion
"Our core federal government efficiency market remains strong
with an additional $2 billion federal
government target announced last month," continued
Eckel. "We are also seeing increased activity in wind
equity investment opportunities as well as commercial distributed
solar."
Portfolio
Our Portfolio totaled approximately $1.4
billion as of September 30,
2016, and included approximately $0.4
billion of energy efficiency investments and approximately
$1.0 billion of renewable energy
(wind and solar) transactions. The following is an analysis of our
Portfolio by type of obligor and credit quality as of September 30, 2016:
|
Investment
Grade
|
|
|
|
|
|
Government
(1)
|
Commercial
Investment
Grade(2)
|
Commercial
Non-
Investment
Grade
(3)
|
Subtotal,
Debt
and
Real
Estate
|
Equity
Method
Investments(4)
|
Total
|
|
|
|
($ in
millions)
|
Financing
receivables
|
$
380
|
$
464
|
$
21
|
$
865
|
$
-
|
$
865
|
Financing receivables
held-for-sale
|
7
|
-
|
-
|
7
|
-
|
7
|
Investments
|
33
|
17
|
-
|
50
|
-
|
50
|
Real
estate(5)
|
-
|
166
|
-
|
166
|
-
|
166
|
Equity method
investments
|
-
|
-
|
-
|
-
|
324
|
324
|
Total
|
$
420
|
$
647
|
$
21
|
$
1,088
|
$
324
|
$
1,412
|
% of Debt and Real
Estate Portfolio
|
39%
|
59%
|
2%
|
100%
|
N/A
|
N/A
|
Average Remaining
Balance(6)
|
$
10
|
$
10
|
$
11
|
$
10
|
$
19
|
$
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
$230
million of U.S.
Federal Government transactions and $190 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,
$11 million of the transactions have been rated investment grade by
an independent rating agency. Commercial investment grade
financing receivables include $260 million of internally rated
residential solar loans made on a nonrecourse basis to special
purpose
subsidiaries of SunPower Corporation, for which we rely on certain
limited indemnities, warranties, and other obligations of
SunPower
Corporation or its other subsidiaries.
|
(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 88
transactions each with outstanding balances that are less than $1
million and that in the aggregate total $31 million.
|
Third Quarter Financial Results
Total GAAP revenue grew by $4
million, or 27%, in the quarter as compared to last
year. Increases were primarily driven by growth in the
Portfolio to $1.4 billion from
$1.1 billion at September 30, 2015 and gain on sale and fee
income, which was $4 million for the
three months ended September 30,
2016, as compared to $3
million for the same period last year. In addition,
GAAP equity method income grew by $1
million and core equity method income grew by $3 million over the same quarter last year. The
growth in GAAP revenue and income from the equity method
investments were the key drivers of the growth in both GAAP and
Core Earnings for the third quarter.
The growth in revenue and income from the equity method
investments was offset by an approximately $4 million increase in interest expense for the
three months ended September 30,
2016, as compared to the same period last year as a result
of higher levels of outstanding borrowings and an increase in the
proportion of fixed-rate debt as shown in the chart below.
|
As of
|
|
September
30, 2016
|
|
% of Total
|
|
September
30, 2015
|
|
% of Total
|
|
($ in
millions)
|
|
|
Floating-Rate
Borrowings(1)
|
$317
|
|
33%
|
|
$378
|
|
49%
|
Fixed-Rate
debt(2)
|
$650
|
|
67%
|
|
$388
|
|
51%
|
Total
|
$967
|
|
100%
|
|
$766
|
|
100%
|
Leverage(3)
|
1.9 to
1
|
|
|
|
2.2 to
1
|
|
|
(1)
|
2016 Floating-Rate
Borrowings include borrowings under our floating-rate credit
facility and approximately $10 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) stayed flat for the three months ended
September 30, 2016 as compared to the
same period in 2015.
"As expected, our other investment revenue of gain on
securitization and fee income returned to more historic levels in
Q3 as we increased the transactions for our balance sheet," said
Chief Financial Officer Brendan
Herron. "We expect this more normalized run rate to continue
in the fourth quarter."
Conference Call and Webcast Information
Hannon Armstrong will host an investor
conference call today, November 2,
2016 at 5:00 pm eastern time.
The conference call can be accessed live over the phone by
dialing 1-800-239-9838, or for international callers,
1-913-312-1298. A replay will be available beginning two hours
after the call and can be accessed by dialing 1-844-512-2921, or
for international callers, 1-412-317-6671. The passcode for the
live call and the replay is 2710760. The replay will be available
until November 9, 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)
invests in the energy efficiency, wind and solar 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 profit and loss
allocation.
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 we will receive 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 certain of our
equity investment 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.
As of September 30, 2016, we have
outstanding borrowings of approximately $244
million, most of which is on a nonrecourse basis, using
our equity method investments as collateral. Included in our
U.S. GAAP investment interest expense for the nine months ended
September 30, 2016, was approximately
$11 million of interest expense
related to loans secured by our equity investments. For the
nine months ended September 30, 2016,
we collected cash distributions from our renewable energy equity
investments of approximately $45
million, of which $19 million
represents our Core Earnings adjustment for these investments based
upon the constant yield methodology discussed above.
We believe that Core Earnings provides an additional measure of
our core operating performance by eliminating the impact of certain
non-cash expenses and facilitating a comparison of our financial
results to those of other comparable REITs with fewer or no
non-cash charges and comparison of our own operating results from
period to period. Our management uses Core Earnings in this way. We
believe that our investors also use Core Earnings, or a comparable
supplemental performance measure, to evaluate and compare our
performance to that of our peers, and as such, we believe that the
disclosure of Core Earnings is useful to (and expected by) our
investors.
However, Core Earnings does not represent cash generated from
operating activities in accordance with U.S. GAAP and should not be
considered as an alternative to net income (determined in
accordance with U.S. GAAP), or an indication of our cash flow from
operating activities (determined in accordance with U.S. GAAP), a
measure of our liquidity, or an indication of funds available to
fund our cash needs, including our ability to make cash
distributions. In addition, our methodology for calculating Core
Earnings may differ from the methodologies employed by other REITs
to calculate the same or similar supplemental performance measures,
and accordingly, our reported Core Earnings may not be comparable
to the core earnings reported by other REITs.
We have calculated our Core Earnings and provided a
reconciliation of our GAAP net income to Core Earnings for the
three and nine months ended September 30,
2016 and 2015 in the tables below:
|
For the Three
Months Ended
|
|
September
30, 2016
|
|
Per
Share
|
|
September
30, 2015
|
|
Per
Share
|
|
($ in thousands,
except for per share data)
|
|
|
Net income
attributable to controlling shareholders
|
$3,329
|
|
$0.07
|
|
$2,119
|
|
$0.06
|
Adjustments:
|
|
|
|
|
|
|
|
Equity method
adjustments (1)
|
6,244
|
|
|
|
3,173
|
|
|
Non-cash equity-based
compensation charge (2)
|
2,531
|
|
|
|
2,701
|
|
|
Other Core Adjustments
(3)
|
382
|
|
|
|
550
|
|
|
Core Earnings
(4)
|
$12,486
|
|
$0.29
|
|
$8,543
|
|
$0.26
|
(1)
|
Reflects adjustment
for equity method investments described above.
|
(2)
|
Reflects adjustment
for non-cash equity based compensation.
|
(3)
|
See detail
below.
|
(4)
|
Core Earnings per
share for the three months ended September 30, 2016 and September
30, 2015, are based on 43,596,100 shares and 32,787,514 shares
outstanding, respectively, which represent the weighted average
number of fully diluted shares outstanding during such period and
includes the unvested restricted stock and the shares issuable upon
redemption of limited partnership interests in the operating
partnership as the income attributable to the minority interest is
also included.
|
|
|
|
For the Nine
Months Ended
|
|
September
30, 2016
|
|
Per
Share
|
|
September
30, 2015
|
|
Per
Share
|
|
($ in thousands,
except for per share data)
|
|
|
Net income
attributable to controlling shareholders
|
$10,244
|
|
$0.23
|
|
$5,712
|
|
$0.16
|
Adjustments:
|
|
|
|
|
|
|
|
Equity method
adjustments (1)
|
18,558
|
|
|
|
9,544
|
|
|
Non-cash equity-based
compensation charge (2)
|
7,452
|
|
|
|
7,728
|
|
|
Other Core Adjustments
(3)
|
1,151
|
|
|
|
1,048
|
|
|
Core Earnings
(4)
|
$37,405
|
|
$0.92
|
|
$24,032
|
|
$0.79
|
(1)
|
Reflects adjustment
for equity method investments described above.
|
(2)
|
Reflects adjustment
for non-cash equity based compensation.
|
(3)
|
See detail
below.
|
(4)
|
Core Earnings per
share for the nine months ended September 30, 2016 and September
30, 2015, are based on 40,589,360 shares and 30,585,319 shares
outstanding, respectively, which represent the weighted average
number of fully diluted shares outstanding during such period and
includes the unvested restricted stock and the shares issuable upon
redemption of limited partnership interests in the operating
partnership as the income attributable to the minority interest is
also included.
|
The table below provides a reconciliation of the Other Core
Adjustments:
|
For the Three
Months
Ended
|
|
For the Nine
Months
Ended
|
|
September
30, 2016
|
|
September 30,
2015
|
|
September
30, 2016
|
|
September 30,
2015
|
|
($ in
thousands)
|
Adjustments:
|
|
|
|
|
|
|
|
Real estate
intangibles (1)
|
$313
|
|
$476
|
|
$924
|
|
$788
|
Amortization
of intangibles (2)
|
51
|
|
51
|
|
152
|
|
151
|
Net income
attributable to minority interest
|
18
|
|
23
|
|
75
|
|
62
|
Non-cash
provision benefit for taxes
|
-
|
|
-
|
|
-
|
|
47
|
Other Core
Adjustments
|
$382
|
|
$550
|
|
$1,151
|
|
$1,048
|
(1)
|
Reflects add back of
non-cash amortization of lease intangibles.
|
(2)
|
Adds back non-cash
amortization of pre IPO intangibles.
|
The table below provides a reconciliation of the GAAP SG&A
Expenses to Core SG&A Expenses:
|
For the Three
Months
Ended
|
|
For the Nine
Months
Ended
|
|
September
30, 2016
|
|
September 30,
2015
|
|
September
30, 2016
|
|
September 30,
2015
|
|
($ in
thousands)
|
SG&A Expenses
(GAAP)
|
|
|
|
|
|
|
|
Compensation and
benefits (GAAP)
|
$4,325
|
|
$4,341
|
|
$14,497
|
|
$12,171
|
General and
administrative (GAAP)
|
1,991
|
|
2,034
|
|
6,129
|
|
5,360
|
Total SG&A
Expenses (GAAP)
|
6,316
|
|
6,375
|
|
20,626
|
|
17,531
|
Adjustments:
|
|
|
|
|
|
|
|
Non-cash equity-based
compensation charge (1)
|
(2,531)
|
|
(2,701)
|
|
(7,452)
|
|
(7,728)
|
Amortization of intangibles (2)
|
(51)
|
|
(51)
|
|
(152)
|
|
(151)
|
Core SG&A Expenses
Adjustments
|
(2,582)
|
|
(2,752)
|
|
(7,604)
|
|
(7,879)
|
Core SG&A
Expenses
|
$3,734
|
|
$3,623
|
|
$13,022
|
|
$9,652
|
(1)
|
Reflects add back of
non-cash amortization of stock based compensation.
Outstanding shares related to stock based compensation are included
in Core Earnings per share calculation.
|
(2)
|
Adds back non-cash
amortization of pre IPO intangibles.
|
HANNON ARMSTRONG
SUSTAINABLE INFRASTRUCTURE CAPITAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
($ IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
|
|
|
For the Three
Months Ended
September
30,
|
For the Nine
Months Ended
September
30,
|
|
2016
|
2015
|
2016
|
2015
|
Revenue:
|
|
|
|
|
Interest income,
financing receivables
|
$
12,043
|
$
10,064
|
$
36,178
|
$
26,609
|
Interest income,
investments
|
494
|
364
|
1,303
|
1,118
|
Rental
income
|
2,977
|
1,988
|
8,768
|
6,641
|
Gain on sale of receivables
and investments
|
2,724
|
2,529
|
13,665
|
6,956
|
Fee income
|
770
|
98
|
1,422
|
1,160
|
Total
Revenue
|
19,008
|
15,043
|
61,336
|
42,484
|
Expenses:
|
|
|
|
|
Investment interest
expense
|
(10,635)
|
(6,689)
|
(32,945)
|
(18,940)
|
Compensation and
benefits
|
(4,325)
|
(4,341)
|
(14,497)
|
(12,171)
|
General and
administrative
|
(1,991)
|
(2,034)
|
(6,129)
|
(5,360)
|
Total
Expenses
|
(16,951)
|
(13,064)
|
(53,571)
|
(36,471)
|
Income before
equity method investments in affiliates
|
2,057
|
1,979
|
7,765
|
6,013
|
Income (loss) from
equity method investments in affiliates
|
1,331
|
187
|
2,677
|
(162)
|
Income before
income taxes
|
3,388
|
2,166
|
10,442
|
5,851
|
Income tax
expense
|
(41)
|
(24)
|
(123)
|
(77)
|
Net
Income
|
$
3,347
|
$
2,142
|
$
10,319
|
$
5,774
|
Net income
attributable to non-controlling interest holders
|
18
|
23
|
75
|
62
|
Net Income
Attributable to Controlling Shareholders
|
$
3,329
|
$
2,119
|
$
10,244
|
$
5,712
|
Basic earnings per common
share
|
$
0.07
|
$
0.06
|
$
0.23
|
$
0.16
|
Diluted earnings per common
share
|
$
0.07
|
$
0.06
|
$
0.23
|
$
0.16
|
Weighted average
common shares outstanding—basic
|
41,988,036
|
31,221,982
|
38,924,977
|
29,046,742
|
Weighted average
common shares outstanding—diluted
|
41,988,036
|
31,221,982
|
38,924,977
|
29,046,742
|
HANNON ARMSTRONG
SUSTAINABLE INFRASTRUCTURE CAPITAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF SEPTEMBER 30, 2016 and DECEMBER 31, 2015
($ IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
|
|
|
September 30,
2016
|
December 31,
2015
|
Assets
|
|
|
Financing
receivables
|
$
865,481
|
$
783,967
|
Financing receivables
held-for-sale
|
7,378
|
60,376
|
Investments
available-for-sale
|
50,291
|
29,017
|
Real estate
|
134,815
|
128,769
|
Real
estate related intangible assets
|
30,924
|
26,930
|
Equity method
investments in affiliates
|
323,968
|
318,769
|
Cash and cash
equivalents
|
72,968
|
42,645
|
Other
assets
|
70,340
|
79,148
|
Total
Assets
|
$
1,556,165
|
$
1,469,621
|
Liabilities and
Stockholders' Equity
|
|
|
Liabilities:
|
|
|
Accounts payable, accrued
expenses and other
|
$
28,015
|
$
17,875
|
Deferred funding
obligations
|
64,331
|
108,499
|
Credit
facilities
|
356,419
|
247,350
|
Nonrecourse debt
(secured by assets
of $763 million and $815 million, respectively)
|
610,267
|
663,791
|
Total
Liabilities
|
1,059,032
|
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, 41,989,485 and 37,010,603 shares issued and
outstanding, respectively
|
420
|
370
|
Additional paid in
capital
|
578,107
|
482,431
|
Retained
deficit
|
(80,865)
|
(52,701)
|
Accumulated other
comprehensive loss
|
(4,289)
|
(1,905)
|
Non-controlling
interest
|
3,760
|
3,911
|
Total Stockholders'
Equity
|
497,133
|
432,106
|
Total Liabilities
and Stockholders' Equity
|
$
1,556,165
|
$
1,469,621
|
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SOURCE Hannon Armstrong Sustainable Infrastructure Capital,
Inc.