ANNAPOLIS, Md., Feb. 23, 2017 /PRNewswire/ -- Hannon
Armstrong Sustainable Infrastructure Capital, Inc. ("Hannon Armstrong," "we," "our" or the "Company")
(NYSE: HASI), a leading investor in sustainable infrastructure,
including energy efficiency and renewable energy, today reported
earnings as shown in the table below:
|
For the Three Months
Ended
December 31,
2016
|
|
For the Three Months
Ended
December 31,
2015
|
|
$ in
thousands
|
|
Per Share
|
|
$ in
thousands
|
|
Per Share
|
GAAP Net
income
|
$4,408
|
|
$0.09
|
|
$2,246
|
|
$0.05
|
Core
Earnings
|
$13,123
|
|
$0.29
|
|
$9,475
|
|
$0.25
|
|
|
|
|
|
|
|
|
|
For the Year
Ended
December 31,
2016
|
|
For the Year
Ended
December 31,
2015
|
|
$ in
thousands
|
|
Per Share
|
|
$ in
thousands
|
|
Per Share
|
GAAP Net
income
|
$14,652
|
|
$0.32
|
|
$7,958
|
|
$0.21
|
Core
Earnings
|
$50,529
|
|
$1.20
|
|
$33,508
|
|
$1.04
|
The difference between GAAP net income 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.
"We invested over $1 billion in
sustainable infrastructure projects in the U.S. in 2016, reducing
energy costs and supporting U.S.-based jobs with each investment,"
said Hannon Armstrong President
& CEO, Jeffrey Eckel.
"Looking forward, investment opportunities remain strong as we
continue to see demand for energy efficiency, including C-PACE, and
for renewables due to state renewable portfolio standards and
corporate procurements."
Highlights
- Completed approximately $1.1
billion of transactions for the year, compared to
approximately $935 million in
2015
- Delivered 52% annual GAAP EPS growth and 15% annual Core EPS
growth in 2016 over 2015
- Grew balance sheet above $1.7
billion, now totaling over 130 separate investments
- 10% increase in quarterly dividend to $0.33 per share, for an annualized yield
of 6.9% based on our closing stock price of 19.19 on
February 22, 2017
- 67% fixed-rate debt, with target increased to 60% to 85% from
50% to 70%
- Debt to equity ratio of 1.7 to 1 as of December 31, 2016
- Diversified pipeline of over $2.5
billion
"We continue to project double digit core earnings per share
growth and total shareholder return in 2017," continued Eckel.
"Our long dated assets provide us with a stable base for
future earnings, and our focus on investing in U.S. infrastructure
remains a strength."
Guidance
The Company is targeting annualized double-digit Core Earnings
per share growth at the mid point of its 8% to 12% Core Earnings
growth range 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 regulatory environment, the dynamics of the markets
in which it operates and the judgment of the Company's management
team. The Company has not provided GAAP guidance as discussed
in the Non-GAAP Financial Measures section of this press
release.
Portfolio
Our Portfolio totaled approximately $1.6
billion as of December 31,
2016, and included approximately $0.5
billion of energy efficiency investments and approximately
$1.1 billion of renewable energy
(wind and solar) transactions. The following is an analysis of our
Portfolio by type of obligor and credit quality as of December 31, 2016:
|
Investment
Grade
|
|
|
|
|
|
Government
(1)
|
Commercial
Investment
Grade(2)
|
Commercial
Non-
Investment
Grade
(3)
|
Subtotal,
Debt
and
Real
Estate
|
Equity
Method
Investments(4)
|
Total
|
|
|
|
|
|
|
|
($ in
millions)
|
|
|
Financing receivables
and Investments
|
$
564
|
$
514
|
$
22
|
$
1,100
|
$
-
|
$
1,100
|
|
|
Real
estate(5)
|
-
|
172
|
-
|
172
|
-
|
172
|
|
|
Equity method
investments
|
-
|
-
|
-
|
-
|
363
|
363
|
|
|
Total
|
$
564
|
$
686
|
$
22
|
$
1,272
|
$
363
|
$
1,635
|
|
|
% of Debt and Real
Estate Portfolio
|
44%
|
54%
|
2%
|
100%
|
N/A
|
N/A
|
|
|
Average Remaining
Balance(6)
|
$
12
|
$
10
|
$
11
|
$
11
|
$
19
|
$
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 $337 million
of U.S. Federal Government transactions and $227 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 $289 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.
|
Fourth Quarter Financial Results
Revenue grew by $4 million, or
23%, in the quarter as compared to last year. Increases were
primarily driven by growth in the Portfolio to $1.6 billion from $1.3
billion at December 31, 2015
and gain on sale and fee income, which was $4 million for the three months ended
December 31, 2016, as compared to
$3 million for the same period last
year. In addition, GAAP equity method income grew by
$3 million and core equity method
income grew by $2 million over the
same quarter last year due to increased renewable energy equity
investments. The growth in revenue and income from the equity
method investments were the key drivers of the growth in both GAAP
net income and Core Earnings for the fourth quarter. A
reconciliation of our GAAP net income to Core Earnings is included
in this press release
The growth in revenue and income from the equity method
investments was offset by an approximately $5 million increase in interest expense for the
three months ended December 31, 2016,
as compared to the same period the previous year. This
increase was the result of higher average levels of nonrecourse
debt outstanding in 2016 as compared to 2015 due to approximately
$295 million of debt being added in
December 2015, as well as the impact
of higher interest rates.
Other expenses (compensation and benefits and general and
administrative expenses) stayed flat for the three months ended
December 31, 2016, as compared to the
same period in 2015. An analysis of our fixed-rate debt and
leverage ratios is shown in the chart below.
|
As of
|
|
December
31, 2016
|
|
% of Total
|
|
December
31, 2015
|
|
% of Total
|
|
($ in
millions)
|
|
|
Floating-Rate
Borrowings(1)
|
$320
|
|
33%
|
|
$260
|
|
29%
|
Fixed-Rate
debt(2)
|
$655
|
|
67%
|
|
$651
|
|
71%
|
Total
|
$975
|
|
100%
|
|
$911
|
|
100%
|
Leverage(3)
|
1.7 to
1
|
|
|
|
2.1 to
1
|
|
|
|
|
(1)
|
Floating-Rate
Borrowings include borrowings under our floating-rate credit
facility and approximately $37 million and approximately $13
million of nonrecourse debt that has not been hedged as of December
31, 2016, and December 31, 2015, respectively.
|
(2)
|
Fixed-Rate debt
includes the present notional value of nonrecourse debt that is
hedged using interest rate swaps.
|
(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).
|
"We continued to maintain our fixed-rate debt at the high end of
the 50% to 70% range. However, given the continued focus of
the Federal Reserve on raising rates, we believe it is prudent to
increase the fixed-rate debt target to 60% to 85% despite the
higher related interest costs," said Chief Financial Officer
Brendan Herron.
Conference Call and Webcast Information
Hannon Armstrong will host an investor
conference call today, February 23,
2017, at 5:00 pm eastern time.
The conference call can be accessed live over the phone by
dialing 1-888-713-4542, or for international callers,
1-913-312-1391. 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 1597683. The replay will be available
until March 2, 2017.
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 sustainable infrastructure markets, including energy
efficiency and renewable energy. 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;
- rates of default or decreased recovery rates on our
assets
- 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 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 in the amount of HLBV
profits or losses allocated to us.
As of December 31, 2016, we have
outstanding borrowings of approximately $239
million, most of which are 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, 2016, was approximately
$14 million of interest expense
related to these loans secured by our equity method
investments. For the year ended December 31, 2016, we collected cash
distributions from our renewable energy equity investments of
approximately $56 million, of which
$24 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.
Guidance
In forecasting its Core Earnings for 2017, the Company estimated
Core Earnings using the method described above. To also
forecast a comparable U.S. GAAP financial measure, such as net
income, would require that the Company apply the HLBV method to
these investments. In order to forecast for 2017 under the
HLBV method, the Company would be required to make various
assumptions related to expected changes in the net asset value of
the various entities and how such changes would be allocated under
HLBV. U.S. GAAP HLBV earnings over a period of time are very
sensitive to these assumptions especially in regards to when a
partnership transactions flips and thus the liquidation scenarios
change materially. The Company believes that these
assumptions would require unreasonable efforts to complete and if
completed, the wide variation in projected U.S. GAAP earnings based
upon a range of scenarios would not be meaningful to
investors. Accordingly, the Company has not included a U.S.
GAAP reconciliation table related to its 2017 Core Earnings
guidance.
Reconciliation of our GAAP net income to Core
Earnings
We have calculated our Core Earnings and provided a
reconciliation of our GAAP net income to Core Earnings for the
three months and year ended December 31,
2016 and 2015 in the tables below:
|
For the Three
Months Ended
|
|
December
31,
2016
|
|
Per
Share
|
|
December
31,
2015
|
|
Per
Share
|
|
($ in thousands,
except for per share data)
|
|
|
Net income
attributable to controlling shareholders
|
$4,408
|
|
$0.09
|
|
$2,246
|
|
$0.05
|
Adjustments:
|
|
|
|
|
|
|
|
Equity method
adjustments (1)
|
5,823
|
|
|
|
3,861
|
|
|
Non-cash equity-based
compensation charge (2)
|
2,602
|
|
|
|
2,913
|
|
|
Other Core Adjustments
(3)
|
290
|
|
|
|
455
|
|
|
Core Earnings
(4)
|
$13,123
|
|
$0.29
|
|
$9,475
|
|
$0.25
|
|
|
(1)
|
Reflects adjustment
for equity method investments described above.
|
(2)
|
Reflects adjustment
for non-cash equity based compensation.
|
(3)
|
See detail
below.
|
(4)
|
Core Earnings per
share for the three months ended December 31, 2016 and December 31,
2015, are based on 45,964,465 shares and 37,429,369 shares
outstanding, respectively, which represent the weighted average
number of fully diluted shares outstanding during such period and
includes the unvested restricted stock and the shares issuable upon
redemption of limited partnership interests in the operating
partnership as the income attributable to the minority interest is
also included.
|
|
|
|
For the Year
Ended
|
|
December
31,
2016
|
|
Per
Share
|
|
December
31,
2015
|
|
Per
Share
|
|
($ in thousands,
except for per share data)
|
|
|
Net income
attributable to controlling shareholders
|
$14,652
|
|
$0.32
|
|
$7,958
|
|
$0.21
|
Adjustments:
|
|
|
|
|
|
|
|
Equity method
adjustments (1)
|
24,381
|
|
|
|
13,405
|
|
|
Non-cash equity-based
compensation charge (2)
|
10,054
|
|
|
|
10,641
|
|
|
Other Core Adjustments
(3)
|
1,442
|
|
|
|
1,504
|
|
|
Core Earnings
(4)
|
$50,529
|
|
$1.20
|
|
$33,508
|
|
$1.04
|
|
|
(1)
|
Reflects adjustment
for equity method investments described above.
|
(2)
|
Reflects adjustment
for non-cash equity based compensation.
|
(3)
|
See detail
below.
|
(4)
|
Core Earnings per
share for the year ended December 31, 2016 and December 31, 2015,
are based on 41,940,480 shares and 32,310,395 shares outstanding,
respectively, which represent the weighted average number of fully
diluted shares outstanding during such period and includes the
unvested restricted stock and the shares issuable upon redemption
of limited partnership interests in the operating partnership as
the income attributable to the minority interest is also
included.
|
The table below provides a reconciliation of the Other Core
Adjustments:
|
For the Three
Months
Ended
|
|
For
the Year
Ended
|
|
December
31,
2016
|
|
December 31,
2015
|
|
December
31,
2016
|
|
December 31,
2015
|
|
($ in
thousands)
|
Adjustments:
|
|
|
|
|
|
|
|
Real estate
intangibles (1)
|
$211
|
|
$391
|
|
$1,135
|
|
$1,179
|
Amortization
of intangibles (2)
|
50
|
|
50
|
|
203
|
|
203
|
Net
income attributable to minority interest
|
29
|
|
14
|
|
104
|
|
76
|
Non-cash
provision benefit for taxes
|
-
|
|
-
|
|
-
|
|
46
|
Other Core
Adjustments
|
$290
|
|
$455
|
|
$1,442
|
|
$1,504
|
|
|
(1)
|
Reflects add back of
non-cash amortization of lease intangibles.
|
(2)
|
Adds back non-cash
amortization of pre IPO intangibles.
|
The table below provides a reconciliation of the GAAP SG&A
Expenses to Core SG&A Expenses:
|
For the Three
Months
Ended
|
|
For
the Year
Ended
|
|
December
31,
2016
|
|
December 31,
2015
|
|
December
31,
2016
|
|
December 31,
2015
|
|
($ in
thousands)
|
SG&A Expenses
(GAAP)
|
|
|
|
|
|
|
|
Compensation and
benefits (GAAP)
|
$4,380
|
|
$4,617
|
|
$18,877
|
|
$16,788
|
General and
administrative (GAAP)
|
2,164
|
|
1,895
|
|
8,293
|
|
7,256
|
Total SG&A
Expenses (GAAP)
|
6,544
|
|
6,512
|
|
27,170
|
|
24,044
|
Adjustments:
|
|
|
|
|
|
|
|
Non-cash equity-based
compensation charge (1)
|
(2,602)
|
|
(2,913)
|
|
(10,054)
|
|
(10,641)
|
Amortization of
intangibles (2)
|
(50)
|
|
(50)
|
|
(203)
|
|
(203)
|
Core SG&A Expenses
Adjustments
|
(2,652)
|
|
(2,963)
|
|
(10,257)
|
|
(10,844)
|
Core SG&A
Expenses
|
$3,892
|
|
$3,549
|
|
$16,913
|
|
$13,200
|
|
(1)
|
Reflects add back of
non-cash amortization of stock based compensation.
Outstanding shares related to stock based compensation are included
in Core Earnings per share calculation.
|
(2)
|
Adds back non-cash
amortization of pre IPO intangibles.
|
HANNON ARMSTRONG
SUSTAINABLE INFRASTRUCTURE CAPITAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
($ IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
|
|
|
For the Three
Months Ended
December
31,
|
For the Year
Ended
December
31,
|
|
2016
|
2015
|
2016
|
2015
|
Revenue:
|
|
|
|
|
Interest income,
financing receivables
|
$
12,024
|
$
10,794
|
$
48,202
|
$
37,404
|
Interest income,
investments
|
519
|
375
|
1,822
|
1,493
|
Rental
income
|
3,165
|
2,467
|
11,933
|
9,107
|
Gain on sale of receivables and investments
|
3,761
|
2,269
|
17,425
|
9,224
|
Fee income
|
393
|
290
|
1,816
|
1,451
|
Total
Revenue
|
19,862
|
16,195
|
81,198
|
58,679
|
Expenses:
|
|
|
|
|
Investment interest
expense
|
12,296
|
7,445
|
45,241
|
26,385
|
Compensation and
benefits
|
4,380
|
4,617
|
18,877
|
16,788
|
General and
administrative
|
2,164
|
1,895
|
8,293
|
7,256
|
Total
Expenses
|
18,840
|
13,957
|
72,411
|
50,429
|
Income before
equity method investments in affiliates
|
1,022
|
2,238
|
8,787
|
8,250
|
Income (loss) from
equity method investments in affiliates
|
3,433
|
63
|
6,110
|
(98)
|
Income before
income taxes
|
4,455
|
2,301
|
14,897
|
8,152
|
Income tax
expense
|
(18)
|
(41)
|
(141)
|
(118)
|
Net
Income
|
$
4,437
|
$
2,260
|
$
14,756
|
$
8,034
|
Net income
attributable to non-controlling interest holders
|
29
|
14
|
104
|
76
|
Net Income
Attributable to Controlling Shareholders
|
$
4,408
|
$
2,246
|
$
14,652
|
$
7,958
|
Basic earnings per common
share
|
$
0.09
|
$
0.05
|
$
0.32
|
$
0.21
|
Diluted earnings per common
share
|
$
0.09
|
$
0.05
|
$
0.32
|
$
0.21
|
Weighted average
common shares outstanding—basic
|
44,358,245
|
35,848,473
|
40,290,717
|
30,761,151
|
Weighted average
common shares outstanding—diluted
|
44,358,245
|
35,848,473
|
40,290,717
|
30,761,151
|
HANNON ARMSTRONG
SUSTAINABLE INFRASTRUCTURE CAPITAL, INC.
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2016 and DECEMBER 31, 2015
($ IN THOUSANDS, EXCEPT PER SHARE DATA)
|
|
|
December 31,
2016
|
December 31,
2015
|
Assets
|
|
|
Financing
receivables
|
$
1,042,237
|
$
783,967
|
Financing receivables
held-for-sale
|
-
|
60,376
|
Investments
available-for-sale
|
58,058
|
29,017
|
Real estate
|
172,257
|
155,699
|
Equity method
investments in affiliates
|
363,297
|
318,769
|
Cash and cash
equivalents
|
29,428
|
42,645
|
Other
assets
|
80,610
|
79,148
|
Total
Assets
|
$
1,745,887
|
$
1,469,621
|
Liabilities and
Stockholders' Equity
|
|
|
Liabilities:
|
|
|
Accounts payable, accrued
expenses and other
|
$
25,219
|
$
17,875
|
Deferred funding
obligations
|
170,892
|
108,499
|
Credit
facilities
|
283,346
|
247,350
|
Nonrecourse debt
(secured by assets
of $864 million and $815 million, respectively)
|
692,091
|
663,791
|
Total
Liabilities
|
1,171,548
|
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, 46,493,155 and 37,010,603 shares issued and
outstanding, respectively
|
465
|
370
|
Additional paid in
capital
|
663,744
|
482,431
|
Retained
deficit
|
(92,213)
|
(52,701)
|
Accumulated other
comprehensive income (loss)
|
(1,388)
|
(1,905)
|
Non-controlling
interest
|
3,731
|
3,911
|
Total Stockholders'
Equity
|
574,339
|
432,106
|
Total Liabilities
and Stockholders' Equity
|
$
1,745,887
|
$
1,469,621
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/hannon-armstrong-announces-52-increase-in-2016-gaap-earnings-to-032-per-share-and-15-increase-in-2016-core-earnings-to-120-per-share-300412850.html
SOURCE Hannon Armstrong Sustainable Infrastructure Capital,
Inc.