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Share Name | Share Symbol | Market | Type |
---|---|---|---|
HA Sustainable Infrastructure Capital Inc | NYSE:HASI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-1.52 | -4.65% | 31.20 | 32.48 | 30.93 | 32.23 | 1,455,728 | 23:24:45 |
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ý
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Maryland
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46-1347456
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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1906 Towne Centre Blvd, Suite 370
Annapolis, Maryland
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21401
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(Address of principal executive offices)
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(Zip code)
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Large accelerated filer
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ý
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Accelerated filer
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¨
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Non-accelerated filer
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¨
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Smaller reporting company
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¨
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Emerging growth company
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¨
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock, $0.01 per value per share
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HASI
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New York Stock Exchange
|
|
•
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our expected returns and performance of our investments;
|
•
|
the state of government legislation, regulation and policies that support or enhance the economic feasibility of sustainable infrastructure projects, including energy efficiency and renewable energy projects and the general market demands for such projects;
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•
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market trends in our industry, energy markets, commodity prices, interest rates, the debt and lending markets or the general economy;
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•
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our business and investment strategy;
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•
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availability of opportunities to invest in projects that reduce carbon emissions or increase resilience to climate change including energy efficiency and renewable energy projects and our ability to complete potential new opportunities in our pipeline;
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•
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our relationships with originators, investors, market intermediaries and professional advisers;
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•
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competition from other providers of capital;
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•
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our or any other companies’ projected operating results;
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•
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actions and initiatives of the federal, state and local governments and changes to federal, state and local government policies, regulations, tax laws and rates and the execution and impact of these actions, initiatives and policies;
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•
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the state of the U.S. economy generally or in specific geographic regions, states or municipalities, economic trends and economic recoveries;
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•
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our ability to obtain and maintain financing arrangements on favorable terms, including securitizations;
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•
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general volatility of the securities markets in which we participate;
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•
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changes in the value of our assets, our portfolio of assets and our investment and underwriting process;
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•
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the impact of weather conditions, natural disasters, accidents or equipment failures or other events that disrupt the operation of our investments or negatively impact the value our assets;
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•
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rates of default or decreased recovery rates on our assets;
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•
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interest rate and maturity mismatches between our assets and any borrowings used to fund such assets;
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•
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changes in interest rates, including the flattening of the yield curve, and the market value of our assets and target assets;
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•
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changes in commodity prices, including continued low natural gas prices;
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•
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effects of hedging instruments on our assets or liabilities;
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•
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the degree to which our hedging strategies may or may not protect us from risks, such as interest rate volatility;
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•
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impact of and changes in accounting guidance;
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•
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our ability to maintain our qualification as a real estate investment trust ("REIT") for U.S. federal income tax purposes;
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•
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our ability to maintain our exemption from registration under the Investment Company Act of 1940, as amended (the “1940 Act”);
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•
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availability of and our ability to attract and retain qualified personnel;
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•
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estimates relating to our ability to generate sufficient cash in the future to operate our business and to make distributions to our stockholders; and
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•
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our understanding of our competition.
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Page
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Item 1.
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||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
Item 1.
|
||
Item 1A.
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
Item 5.
|
||
Item 6.
|
||
|
March 31, 2019 (unaudited)
|
|
December 31, 2018
|
||||
Assets
|
|
|
|
||||
Equity method investments
|
$
|
458,916
|
|
|
$
|
471,044
|
|
Government receivables
|
463,715
|
|
|
497,464
|
|
||
Commercial receivables
|
453,828
|
|
|
447,196
|
|
||
Real estate
|
364,582
|
|
|
365,370
|
|
||
Investments
|
177,636
|
|
|
169,793
|
|
||
Cash and cash equivalents
|
62,091
|
|
|
21,418
|
|
||
Other assets
|
206,102
|
|
|
182,628
|
|
||
Total Assets
|
$
|
2,186,870
|
|
|
$
|
2,154,913
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
||||
Liabilities:
|
|
|
|
||||
Accounts payable, accrued expenses and other
|
$
|
33,266
|
|
|
$
|
36,509
|
|
Deferred funding obligations
|
66,350
|
|
|
72,100
|
|
||
Credit facilities
|
283,381
|
|
|
258,592
|
|
||
Non-recourse debt (secured by assets of $1,041 million and $1,105 million, respectively)
|
814,662
|
|
|
834,738
|
|
||
Convertible notes
|
147,150
|
|
|
148,451
|
|
||
Total Liabilities
|
1,344,809
|
|
|
1,350,390
|
|
||
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, 62,875,638 and 60,510,086 shares issued and outstanding, respectively
|
629
|
|
|
605
|
|
||
Additional paid in capital
|
1,009,346
|
|
|
965,384
|
|
||
Accumulated deficit
|
(170,953
|
)
|
|
(163,205
|
)
|
||
Accumulated other comprehensive income (loss)
|
(375
|
)
|
|
(1,684
|
)
|
||
Non-controlling interest
|
3,414
|
|
|
3,423
|
|
||
Total Stockholders’ Equity
|
842,061
|
|
|
804,523
|
|
||
Total Liabilities and Stockholders’ Equity
|
$
|
2,186,870
|
|
|
$
|
2,154,913
|
|
|
For the Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
Revenue
|
|
|
|
||||
Interest income, receivables
|
$
|
15,520
|
|
|
$
|
12,849
|
|
Interest income, investments
|
1,884
|
|
|
1,541
|
|
||
Rental income
|
6,476
|
|
|
5,941
|
|
||
Gain on sale of receivables and investments
|
6,839
|
|
|
6,256
|
|
||
Fee income
|
2,174
|
|
|
1,321
|
|
||
Total revenue
|
32,893
|
|
|
27,908
|
|
||
Expenses
|
|
|
|
||||
Interest expense
|
15,430
|
|
|
18,711
|
|
||
Compensation and benefits
|
7,439
|
|
|
5,321
|
|
||
General and administrative
|
3,092
|
|
|
2,801
|
|
||
Total expenses
|
25,961
|
|
|
26,833
|
|
||
Income before equity method investments
|
6,932
|
|
|
1,075
|
|
||
Income (loss) from equity method investments
|
4,506
|
|
|
(2,285
|
)
|
||
Income (loss) before income taxes
|
11,438
|
|
|
(1,210
|
)
|
||
Income tax (expense) benefit
|
2,270
|
|
|
(18
|
)
|
||
Net income (loss)
|
$
|
13,708
|
|
|
$
|
(1,228
|
)
|
Net income (loss) attributable to non-controlling interest holders
|
61
|
|
|
(5
|
)
|
||
Net income (loss) attributable to controlling stockholders
|
$
|
13,647
|
|
|
$
|
(1,223
|
)
|
Basic earnings (loss) per common share
|
$
|
0.22
|
|
|
$
|
(0.03
|
)
|
Diluted earnings (loss) per common share
|
$
|
0.21
|
|
|
$
|
(0.03
|
)
|
Weighted average common shares outstanding—basic
|
61,748,906
|
|
|
51,710,910
|
|
||
Weighted average common shares outstanding—diluted
|
62,365,271
|
|
|
51,710,910
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
Net income (loss)
|
$
|
13,708
|
|
|
$
|
(1,228
|
)
|
Unrealized gain (loss) on available-for-sale securities, net of tax benefit (provision) of ($0.3) million in 2019 and $0.0 million 2018
|
1,999
|
|
|
(2,728
|
)
|
||
Unrealized gain (loss) on interest rate swaps, net of tax benefit (provision) of $0.0 million in 2019 and 2018
|
(684
|
)
|
|
5,897
|
|
||
Comprehensive income (loss)
|
15,023
|
|
|
1,941
|
|
||
Less: Comprehensive income (loss) attributable to non-controlling interest holders
|
69
|
|
|
12
|
|
||
Comprehensive income (loss) attributable to controlling stockholders
|
$
|
14,954
|
|
|
$
|
1,929
|
|
|
Common Stock
|
|
Additional Paid-in Capital
|
|
Accumulated Deficit
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
Non-controlling interests
|
|
Total
|
|||||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
|
||||||||||||||||||
Balance at December 31, 2017
|
51,665
|
|
|
$
|
517
|
|
|
$
|
770,983
|
|
|
$
|
(131,251
|
)
|
|
$
|
(1,065
|
)
|
|
$
|
3,597
|
|
|
$
|
642,781
|
|
Net income (loss)
|
|
|
|
|
|
|
(1,223
|
)
|
|
|
|
(5
|
)
|
|
(1,228
|
)
|
||||||||||
Unrealized gain (loss) on available-for-sale securities
|
|
|
|
|
|
|
|
|
(2,714
|
)
|
|
(14
|
)
|
|
(2,728
|
)
|
||||||||||
Unrealized gain (loss) on interest rate swaps
|
|
|
|
|
|
|
|
|
5,865
|
|
|
32
|
|
|
5,897
|
|
||||||||||
Issued shares of common stock
|
5
|
|
|
|
|
43
|
|
|
|
|
|
|
|
|
43
|
|
||||||||||
Equity-based compensation
|
|
|
|
|
1,739
|
|
|
|
|
|
|
9
|
|
|
1,748
|
|
||||||||||
Issuance (repurchase) of vested equity-based compensation shares
|
157
|
|
|
1
|
|
|
(1,823
|
)
|
|
|
|
|
|
|
|
(1,822
|
)
|
|||||||||
Redemption of OP Units
|
|
|
|
|
(20
|
)
|
|
|
|
|
|
(47
|
)
|
|
(67
|
)
|
||||||||||
Dividends and distributions
|
|
|
|
|
|
|
(17,578
|
)
|
|
|
|
(94
|
)
|
|
(17,672
|
)
|
||||||||||
Balance at March 31, 2018
|
51,827
|
|
|
$
|
518
|
|
|
$
|
770,922
|
|
|
$
|
(150,052
|
)
|
|
$
|
2,086
|
|
|
$
|
3,478
|
|
|
$
|
626,952
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance at December 31, 2018
|
60,510
|
|
|
$
|
605
|
|
|
$
|
965,384
|
|
|
$
|
(163,205
|
)
|
|
$
|
(1,684
|
)
|
|
$
|
3,423
|
|
|
$
|
804,523
|
|
Net income
|
|
|
|
|
|
|
13,647
|
|
|
|
|
61
|
|
|
13,708
|
|
||||||||||
Unrealized gain (loss) on available-for-sale securities
|
|
|
|
|
|
|
|
|
1,990
|
|
|
9
|
|
|
1,999
|
|
||||||||||
Unrealized gain (loss) on interest rate swaps
|
|
|
|
|
|
|
|
|
(681
|
)
|
|
(3
|
)
|
|
(684
|
)
|
||||||||||
Issued shares of common stock
|
2,068
|
|
|
21
|
|
|
46,791
|
|
|
|
|
|
|
|
|
46,812
|
|
|||||||||
Equity-based compensation
|
|
|
|
|
3,596
|
|
|
|
|
|
|
17
|
|
|
3,613
|
|
||||||||||
Issuance (repurchase) of vested equity-based compensation shares
|
298
|
|
|
3
|
|
|
(6,425
|
)
|
|
|
|
|
|
|
|
(6,422
|
)
|
|||||||||
Dividends and distributions
|
|
|
|
|
|
|
(21,395
|
)
|
|
|
|
(93
|
)
|
|
(21,488
|
)
|
||||||||||
Balance at March 31, 2019
|
62,876
|
|
|
$
|
629
|
|
|
$
|
1,009,346
|
|
|
$
|
(170,953
|
)
|
|
$
|
(375
|
)
|
|
$
|
3,414
|
|
|
$
|
842,061
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
Cash flows from operating activities
|
|
|
|
||||
Net income (loss)
|
$
|
13,708
|
|
|
$
|
(1,228
|
)
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
1,136
|
|
|
1,116
|
|
||
Amortization of deferred financing costs
|
1,673
|
|
|
2,615
|
|
||
Equity-based compensation
|
3,578
|
|
|
1,845
|
|
||
Equity method investments
|
2,024
|
|
|
9,052
|
|
||
Non-cash gain on securitization
|
(6,610
|
)
|
|
(7,256
|
)
|
||
Changes in receivables held-for-sale
|
—
|
|
|
3,243
|
|
||
Changes in accounts payable and accrued expenses
|
(8,241
|
)
|
|
(866
|
)
|
||
Other
|
(3,815
|
)
|
|
(3,174
|
)
|
||
Net cash provided by (used in) operating activities
|
3,453
|
|
|
5,347
|
|
||
Cash flows from investing activities
|
|
|
|
||||
Equity method investments
|
(10,448
|
)
|
|
—
|
|
||
Equity method distributions received
|
20,530
|
|
|
23,387
|
|
||
Purchases of receivables
|
(22,430
|
)
|
|
(3,441
|
)
|
||
Principal collections from receivables
|
21,345
|
|
|
10,275
|
|
||
Proceeds from sales of receivables
|
26,919
|
|
|
—
|
|
||
Purchases of investments
|
(6,809
|
)
|
|
(3,826
|
)
|
||
Principal collections from investments
|
1,325
|
|
|
744
|
|
||
Funding of escrow accounts
|
(11,869
|
)
|
|
(9,655
|
)
|
||
Withdrawal from escrow accounts
|
7,945
|
|
|
8,647
|
|
||
Other
|
69
|
|
|
(297
|
)
|
||
Net cash provided by (used in) investing activities
|
26,577
|
|
|
25,834
|
|
||
Cash flows from financing activities
|
|
|
|
||||
Proceeds from credit facilities
|
26,500
|
|
|
—
|
|
||
Principal payments on credit facilities
|
(1,925
|
)
|
|
—
|
|
||
Proceeds from issuance of non-recourse debt
|
13,923
|
|
|
30,952
|
|
||
Principal payments on non-recourse debt
|
(35,180
|
)
|
|
(28,787
|
)
|
||
Payments on deferred funding obligations
|
(5,759
|
)
|
|
(16,993
|
)
|
||
Net proceeds of common stock issuances
|
46,388
|
|
|
—
|
|
||
Payments of dividends and distributions
|
(20,518
|
)
|
|
(17,606
|
)
|
||
Other
|
(6,671
|
)
|
|
(367
|
)
|
||
Net cash provided by (used in) financing activities
|
16,758
|
|
|
(32,801
|
)
|
||
Increase (decrease) in cash, cash equivalents, and restricted cash
|
46,788
|
|
|
(1,620
|
)
|
||
Cash, cash equivalents, and restricted cash at beginning of period
|
59,353
|
|
|
118,177
|
|
||
Cash, cash equivalents, and restricted cash at end of period
|
$
|
106,141
|
|
|
$
|
116,557
|
|
Interest paid
|
$
|
14,882
|
|
|
$
|
17,427
|
|
Non-cash changes in residual assets (investing activity)
|
(6,636
|
)
|
|
(7,761
|
)
|
1.
|
The Company
|
•
|
Equity in either preferred or common structures in unconsolidated entities;
|
•
|
Government and commercial receivables, such as loans for renewable energy and energy efficiency projects;
|
•
|
Real estate, such as land or other assets leased for use by sustainable infrastructure projects typically under long-term leases; and
|
•
|
Investments in debt securities of renewable energy or energy efficiency projects.
|
•
|
Level 2 — Observable prices that are based on inputs not quoted on active markets, but corroborated by market data.
|
•
|
Level 3 — Unobservable inputs are used when little or no market data is available.
|
|
As of March 31, 2019
|
||||||||
|
Fair Value
|
|
Carrying
Value |
|
Level
|
||||
|
(in millions)
|
|
|
||||||
Assets
|
|
|
|
|
|
||||
Government receivables
|
$
|
463
|
|
|
$
|
464
|
|
|
Level 3
|
Commercial receivables
|
449
|
|
|
454
|
|
|
Level 3
|
||
Investments
(1)
|
178
|
|
|
178
|
|
|
Level 3
|
||
Securitization residual assets
(2)
|
77
|
|
|
77
|
|
|
Level 3
|
||
Liabilities
|
|
|
|
|
|
||||
Credit facilities
(3)
|
$
|
283
|
|
|
$
|
283
|
|
|
Level 3
|
Non-recourse debt
(3)
|
828
|
|
|
831
|
|
|
Level 3
|
||
Convertible notes
(3)
|
153
|
|
|
151
|
|
|
Level 2
|
(1)
|
The amortized cost of our investments as of
March 31, 2019
, was
$179
million.
|
(2)
|
Included in other assets on the consolidated balance sheet.
|
(3)
|
Fair value and carrying value exclude unamortized debt issuance costs.
|
|
As of December 31, 2018
|
||||||||
|
Fair Value
|
|
Carrying
Value |
|
Level
|
||||
|
(in millions)
|
|
|
||||||
Assets
|
|
|
|
|
|
||||
Government receivables
|
$
|
487
|
|
|
$
|
497
|
|
|
Level 3
|
Commercial receivables
|
443
|
|
|
447
|
|
|
Level 3
|
||
Investments
(1)
|
170
|
|
|
170
|
|
|
Level 3
|
||
Securitization residual assets
(2)
|
71
|
|
|
71
|
|
|
Level 3
|
||
Liabilities
|
|
|
|
|
|
||||
Credit facilities
(3)
|
$
|
259
|
|
|
$
|
259
|
|
|
Level 3
|
Non-recourse debt
(3)
|
835
|
|
|
852
|
|
|
Level 3
|
||
Convertible notes
(3)
|
139
|
|
|
152
|
|
|
Level 2
|
|
For the three months ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(in millions)
|
||||||
Balance, beginning of period
|
$
|
170
|
|
|
$
|
151
|
|
Purchases of investments
|
7
|
|
|
4
|
|
||
Payments on investments
|
(1
|
)
|
|
—
|
|
||
Unrealized gains (losses) on investments recorded in AOCI
|
2
|
|
|
(3
|
)
|
||
Balance, end of period
|
$
|
178
|
|
|
$
|
152
|
|
|
Estimated Fair Value
|
|
Unrealized Losses
(1)
|
||||||||||||
|
Securities with a loss shorter than 12 months
|
|
Securities with a loss longer than 12 months
|
|
Securities with a loss shorter than 12 months
|
|
Securities with a loss longer than 12 months
|
||||||||
|
(in millions)
|
||||||||||||||
March 31, 2019
|
$
|
11
|
|
|
$
|
132
|
|
|
$
|
1
|
|
|
$
|
2
|
|
December 31, 2018
|
82
|
|
|
67
|
|
|
1
|
|
|
3
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
|
(in millions)
|
||||||
Cash deposits
|
$
|
62
|
|
|
$
|
21
|
|
Restricted cash deposits (included in other assets)
|
44
|
|
|
38
|
|
||
Total cash deposits
|
$
|
106
|
|
|
$
|
59
|
|
Amount of cash deposits in excess of amounts federally insured
|
$
|
105
|
|
|
$
|
57
|
|
4.
|
Non-Controlling Interest
|
5.
|
Securitization of Receivables
|
|
As of and for the three months ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(in millions)
|
||||||
Gains on securitizations
|
$
|
7
|
|
|
$
|
6
|
|
Purchase of receivables securitized
|
302
|
|
|
129
|
|
||
Proceeds from securitizations
|
309
|
|
|
135
|
|
||
Residual and servicing assets included in other assets
|
78
|
|
|
53
|
|
||
Cash received from residual and servicing assets
|
1
|
|
|
1
|
|
6.
|
Our Portfolio
|
|
Investment Grade
|
|
|
|
|
|
|
||||||||||||||||
|
Government
(1)
|
|
Commercial Investment Grade
(2)
|
|
Commercial Non-Investment Grade
(3)
|
|
Subtotal,
Debt and Real Estate |
|
Equity
Method Investments |
|
Total
|
||||||||||||
|
(dollars in millions)
|
||||||||||||||||||||||
Equity investments in renewable energy projects
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
437
|
|
|
$
|
437
|
|
Receivables
(4)
|
465
|
|
|
167
|
|
|
286
|
|
|
918
|
|
|
—
|
|
|
918
|
|
||||||
Real estate
(5)
|
—
|
|
|
364
|
|
|
—
|
|
|
364
|
|
|
22
|
|
|
386
|
|
||||||
Investments
|
104
|
|
|
74
|
|
|
—
|
|
|
178
|
|
|
—
|
|
|
178
|
|
||||||
Total
|
$
|
569
|
|
|
$
|
605
|
|
|
$
|
286
|
|
|
$
|
1,460
|
|
|
$
|
459
|
|
|
$
|
1,919
|
|
% of Debt and real estate portfolio
|
39
|
%
|
|
41
|
%
|
|
20
|
%
|
|
100
|
%
|
|
N/A
|
|
|
N/A
|
|
||||||
Average remaining balance
(6)
|
$
|
11
|
|
|
$
|
6
|
|
|
$
|
14
|
|
|
$
|
9
|
|
|
$
|
16
|
|
|
$
|
10
|
|
(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
$382
million of U.S. federal government transactions and
$187
million of transactions where the ultimate obligors are state or local governments. Transactions may have guaranties of energy savings from third party service providers, which typically are entities rated investment grade by an independent rating agency.
|
(2)
|
Transactions where the projects or the ultimate obligors are commercial entities that have been rated investment grade (either by an independent rating agency or based on our internal credit analysis). Of this total,
$9
million of the transactions have been rated investment grade by an independent rating agency.
|
(3)
|
Transactions where the projects or the ultimate obligors are commercial entities that either have ratings below investment grade (either by an independent rating agency or using our internal credit analysis) or where the nature of the subordination in the asset causes it to be considered non-investment grade. This category of assets includes
$260 million
of mezzanine loans made on a non-recourse basis to special purpose subsidiaries of residential solar companies where the nature of the subordination causes it to be considered non-investment grade. These loans are secured by residential solar assets and we rely on certain limited indemnities, warranties, and other obligations of the residential solar companies or their other subsidiaries. This amount also includes
$18 million
of transactions where the projects or the ultimate obligors are commercial entities that have ratings below investment grade using our internal credit analysis, and
$8 million
of loans on non-accrual status. See Receivables and Investments below for further information.
|
(4)
|
Total reconciles to the total of the government receivables and commercial receivables lines of the consolidated balance sheets.
|
(5)
|
Includes the real estate and the lease intangible assets (including those held through equity method investments) from which we receive scheduled lease payments, typically under long-term triple net lease agreements.
|
(6)
|
Excludes approximately
170
transactions each with outstanding balances that are less than
$1 million
and that in the aggregate total
$61
million.
|
Investment Date
|
|
Investee
|
|
Carrying Value
|
||
|
|
|
|
(in millions)
|
||
Various
|
|
2007 Vento I, LLC
|
|
$
|
93
|
|
December 2015
|
|
Buckeye Wind Energy Class B Holdings, LLC
|
|
71
|
|
|
Various
|
|
Northern Frontier Wind, LLC
|
|
65
|
|
|
December 2018
|
|
3D Engie, LLC
|
|
49
|
|
|
October 2016
|
|
Invenergy Gunsight Mountain Holdings, LLC
|
|
37
|
|
|
Various
|
|
Helix Fund I, LLC
|
|
26
|
|
|
Various
|
|
Other transactions
|
|
118
|
|
|
|
|
Total equity method investments
|
|
$
|
459
|
|
|
Total
|
|
Less than 1
year |
|
1-5 years
|
|
5-10 years
|
|
More than 10
years |
||||||||||
|
(dollars in millions)
|
||||||||||||||||||
Receivables
|
|
|
|
|
|
|
|
|
|
||||||||||
Maturities by period
|
$
|
918
|
|
|
$
|
3
|
|
|
$
|
22
|
|
|
$
|
78
|
|
|
$
|
815
|
|
Weighted average yield by period
|
6.6
|
%
|
|
4.5
|
%
|
|
6.2
|
%
|
|
5.3
|
%
|
|
6.7
|
%
|
|||||
Investments
|
|
|
|
|
|
|
|
|
|
||||||||||
Maturities by period
|
$
|
178
|
|
|
$
|
64
|
|
|
$
|
—
|
|
|
$
|
13
|
|
|
$
|
101
|
|
Weighted average yield by period
|
4.3
|
%
|
|
3.6
|
%
|
|
—
|
%
|
|
4.1
|
%
|
|
4.7
|
%
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
|
(in millions)
|
||||||
Real estate
|
|
|
|
||||
Land
|
$
|
269
|
|
|
$
|
269
|
|
Lease intangibles
|
104
|
|
|
104
|
|
||
Accumulated amortization of lease intangibles
|
(8
|
)
|
|
(8
|
)
|
||
Real estate
|
$
|
365
|
|
|
$
|
365
|
|
|
Future Amortization Expense
|
|
Minimum Rental Income Payments
|
||||
|
(in millions)
|
||||||
From April 1, 2019 to December 31, 2019
|
$
|
2
|
|
|
$
|
17
|
|
2020
|
3
|
|
|
22
|
|
||
2021
|
3
|
|
|
22
|
|
||
2022
|
3
|
|
|
22
|
|
||
2023
|
3
|
|
|
23
|
|
||
2024
|
3
|
|
|
24
|
|
||
Thereafter
|
79
|
|
|
769
|
|
||
Total
|
$
|
96
|
|
|
$
|
899
|
|
|
Deferred Funding Obligations
|
||
|
(in millions)
|
||
From April 1, 2019 to December 31, 2019
|
$
|
45
|
|
2020
|
16
|
|
|
2021
|
5
|
|
|
Total
|
$
|
66
|
|
7.
|
Credit facilities
|
|
Rep-Based
Facility |
|
Approval-Based Facility
|
||||
|
(dollars in millions)
|
||||||
Outstanding balance
|
$
|
156
|
|
|
$
|
127
|
|
Value of collateral pledged to credit facility
|
208
|
|
|
205
|
|
||
Weighted average short-term borrowing rate
|
4.0
|
%
|
|
4.3
|
%
|
|
Future minimum maturities
|
||
|
(in millions)
|
||
April 1, 2019 to December 31, 2019
|
$
|
8
|
|
2020
|
8
|
|
|
2021
|
8
|
|
|
2022
|
8
|
|
|
2023
|
15
|
|
|
Total
|
$
|
47
|
|
8.
|
Long-term Debt
|
|
Outstanding Balance
as of |
|
|
|
|
|
|
|
Anticipated
Balance at Maturity |
|
Value of Assets Pledged
as of |
|
|
||||||||||||||
|
March 31, 2019
|
|
December 31, 2018
|
|
Interest
Rate |
|
|
|
Maturity Date
|
|
|
March 31, 2019
|
|
December 31, 2018
|
|
Description
of Assets Pledged |
|||||||||||
|
(dollars in millions)
|
|
|
||||||||||||||||||||||||
HASI Sustainable Yield Bond 2013-1
|
$
|
38
|
|
|
$
|
55
|
|
|
2.79%
|
|
|
|
December 2019
|
|
$
|
35
|
|
|
$
|
48
|
|
|
$
|
76
|
|
|
Receivables
|
HASI Sustainable Yield Bond 2015-1A
|
89
|
|
|
90
|
|
|
4.28%
|
|
|
|
October 2034
|
|
—
|
|
|
135
|
|
|
135
|
|
|
Receivables, real estate and real estate intangibles
|
|||||
HASI Sustainable Yield Bond 2015-1B Note
|
13
|
|
|
13
|
|
|
5.41%
|
|
|
|
October 2034
|
|
—
|
|
|
135
|
|
|
135
|
|
|
Class B Bond of HASI Sustainable Yield Bond 2015-1
|
|||||
2017 Credit Agreement
|
103
|
|
|
112
|
|
|
4.12%
|
|
|
|
January 2023
|
|
—
|
|
|
116
|
|
|
151
|
|
|
Equity interests in Strong Upwind Holdings I, II, III, and IV LLC, and Northern Frontier, LLC
|
|||||
HASI SYB Loan Agreement 2015-2
|
30
|
|
|
32
|
|
|
6.67%
|
|
(1)
|
|
December 2023
|
|
—
|
|
|
71
|
|
|
72
|
|
|
Equity interest in Buckeye Wind Energy Class B Holdings LLC, related interest rate swap
|
|||||
HASI SYB Trust 2016-2
|
78
|
|
|
77
|
|
|
4.35%
|
|
|
|
April 2037
|
|
—
|
|
|
81
|
|
|
81
|
|
|
Receivables
|
|||||
2017 Master Repurchase Agreement
|
61
|
|
|
56
|
|
|
5.11%
|
|
(1)
|
|
July 2019
|
|
57
|
|
|
72
|
|
|
67
|
|
|
Receivables and investments
|
|||||
HASI ECON 101 Trust
|
133
|
|
|
133
|
|
|
3.57%
|
|
|
|
May 2041
|
|
—
|
|
|
137
|
|
|
137
|
|
|
Receivables and investments
|
|||||
HASI SYB Trust 2017-1
|
158
|
|
|
159
|
|
|
3.86%
|
|
|
|
March 2042
|
|
—
|
|
|
207
|
|
|
208
|
|
|
Receivables, real estate and real estate intangibles
|
|||||
Other non-recourse
debt
(2)
|
128
|
|
|
125
|
|
|
3.15% - 7.45%
|
|
|
|
2019 to 2046
|
|
18
|
|
|
174
|
|
|
178
|
|
|
Receivables
|
|||||
Debt issuance costs
|
(16
|
)
|
|
(17
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Non-recourse debt
(3)
|
$
|
815
|
|
|
$
|
835
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Interest rate represents the current period’s LIBOR based rate plus the spread. We have hedged the LIBOR rate exposure using interest rate swaps fixed at
2.55%
and
2.42%
for HASI SYB Loan Agreement 2015-2 and 2017 Master Repurchase Agreement, respectively.
|
(2)
|
Other non-recourse debt consists of various debt agreements used to finance certain of our receivables for their term. Debt service payment requirements, in a majority of cases, are equal to or less than the cash flows received from the underlying receivables.
|
(3)
|
The total collateral pledged against our non-recourse debt was
$1,041
million and
$1,105
million as of
March 31, 2019
and
December 31, 2018
, respectively. In addition,
$42 million
and
$35 million
of our restricted cash balance was pledged as collateral to various non-recourse loans as of
March 31, 2019
and
December 31, 2018
, respectively.
|
|
Future minimum maturities
|
||
|
(in millions)
|
||
April 1, 2019 to December 31, 2019
|
$
|
123
|
|
2020
|
24
|
|
|
2021
|
26
|
|
|
2022
|
27
|
|
|
2023
|
152
|
|
|
2024
|
34
|
|
|
Thereafter
|
445
|
|
|
Total minimum maturities
|
$
|
831
|
|
Deferred financing costs, net
|
(16
|
)
|
|
Total non-recourse debt
|
$
|
815
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
|
(in millions)
|
||||||
Principal
|
$
|
150
|
|
|
$
|
150
|
|
Accrued interest
|
1
|
|
|
2
|
|
||
Less:
|
|
|
|
||||
Unamortized financing costs
|
(4
|
)
|
|
(4
|
)
|
||
Carrying value of convertible notes
|
$
|
147
|
|
|
$
|
148
|
|
9.
|
Commitments and Contingencies
|
Announced Date
|
|
Record Date
|
|
Pay Date
|
|
Amount per
share |
|||
2/21/2018
|
|
4/4/2018
|
|
|
4/12/2018
|
|
$
|
0.330
|
|
5/31/2018
|
|
7/5/2018
|
|
|
7/12/2018
|
|
0.330
|
|
|
9/12/2018
|
|
10/3/2018
|
|
|
10/11/2018
|
|
0.330
|
|
|
12/12/2018
|
|
12/26/2018
|
(1)
|
|
1/10/2019
|
|
0.330
|
|
|
2/21/2019
|
|
4/3/2019
|
|
|
4/11/2019
|
|
0.335
|
|
(1)
|
This dividend was treated as a distribution in
2019
for tax purposes.
|
Closing Date
|
|
Common Stock Offerings
|
|
Shares Issued
(1)
|
|
Price Per Share
|
|
Net Proceeds
(2)
|
||||||
|
|
|
|
(amounts in millions, except per share amounts)
|
||||||||||
5/18/18 to 6/25/18
|
|
ATM
|
|
0.834
|
|
|
18.76
|
|
|
(3)
|
|
$
|
15
|
|
11/15/18 to 12/11/18
|
|
ATM
|
|
2.777
|
|
|
23.37
|
|
|
(3)
|
|
64
|
|
|
12/17/2018 and 1/3/2019
|
|
Public Offering
|
|
5.465
|
|
|
21.60
|
|
|
(4)
|
|
117
|
|
|
1/23/19 to 3/21/19
|
|
ATM
|
|
1.603
|
|
|
23.39
|
|
|
(3)
|
|
37
|
|
(1)
|
Includes shares issued in connection with the exercise of the underwriters’ option to purchase additional shares.
|
(2)
|
Net proceeds from the offerings are shown after deducting underwriting discounts, commissions and other offering costs.
|
(3)
|
Represents the average price per share at which investors in our ATM offerings purchased our shares.
|
(4)
|
Represents the price per share at which the underwriters in our public offerings purchased our shares.
|
|
Restricted Shares of Common Stock
|
|
Weighted Average Share Price
|
|
Value
|
|||||
|
|
|
|
|
(in millions)
|
|||||
Ending Balance — December 31, 2017
|
1,399,593
|
|
|
$
|
18.73
|
|
|
$
|
26.2
|
|
Granted
|
454,106
|
|
|
19.72
|
|
|
9.0
|
|
||
Vested
|
(370,072
|
)
|
|
18.88
|
|
|
(7.0
|
)
|
||
Forfeited
|
(96,871
|
)
|
|
18.92
|
|
|
(1.8
|
)
|
||
Ending Balance — December 31, 2018
|
1,386,756
|
|
|
$
|
19.00
|
|
|
$
|
26.4
|
|
Granted
|
148,401
|
|
|
23.96
|
|
|
3.5
|
|
||
Vested
|
(551,502
|
)
|
|
18.85
|
|
|
(10.4
|
)
|
||
Forfeited
|
—
|
|
|
—
|
|
|
—
|
|
||
Ending Balance — March 31, 2019
|
983,655
|
|
|
$
|
19.83
|
|
|
$
|
19.5
|
|
|
Restricted Stock Units
|
|
Weighted Average Share Price
|
|
Value
|
|||||
|
|
|
|
|
(in millions)
|
|||||
Ending Balance — December 31, 2017
|
255,706
|
|
|
$
|
18.99
|
|
|
$
|
4.9
|
|
Granted
|
176,128
|
|
|
20.24
|
|
|
3.5
|
|
||
Vested
|
(20,368
|
)
|
|
18.99
|
|
|
(0.4
|
)
|
||
Forfeited
|
(18,318
|
)
|
|
19.05
|
|
|
(0.3
|
)
|
||
Ending Balance — December 31, 2018
|
393,148
|
|
|
$
|
19.55
|
|
|
$
|
7.7
|
|
Granted
|
44,492
|
|
|
25.03
|
|
|
1.1
|
|
||
Vested
|
—
|
|
|
—
|
|
|
—
|
|
||
Forfeited
|
—
|
|
|
—
|
|
|
—
|
|
||
Ending Balance — March 31, 2019
|
437,640
|
|
|
$
|
20.10
|
|
|
$
|
8.8
|
|
|
Three Months Ended March 31,
|
||||||
Numerator:
|
2019
|
|
2018
|
||||
|
(in millions, except share and per share data)
|
||||||
Net income (loss) attributable to controlling stockholders and participating securities
|
$
|
13.6
|
|
|
$
|
(1.2
|
)
|
Less: Dividends paid on participating securities
|
(0.3
|
)
|
|
(0.5
|
)
|
||
Undistributed earnings attributable to participating securities
|
—
|
|
|
—
|
|
||
Net income (loss) attributable to controlling stockholders
|
$
|
13.3
|
|
|
$
|
(1.7
|
)
|
Denominator:
|
|
|
|
||||
Weighted-average number of common shares — basic
|
61,748,906
|
|
|
51,710,910
|
|
||
Weighted-average number of common shares — diluted
|
62,365,271
|
|
|
51,710,910
|
|
||
Basic earnings per common share
|
$
|
0.22
|
|
|
$
|
(0.03
|
)
|
Diluted earnings per common share
|
$
|
0.21
|
|
|
$
|
(0.03
|
)
|
Other Information:
|
|
|
|
||||
Weighted-average number of OP units
|
277,586
|
|
|
283,963
|
|
||
Unvested restricted common stock outstanding (i.e., participating securities)
|
983,655
|
|
|
1,112,940
|
|
|
Buckeye Wind Energy Class B Holdings, LLC
|
|
Other Investments
(1)
|
|
Total
|
||||||
|
(in millions)
|
||||||||||
Balance Sheet
|
|
|
|
|
|
||||||
As of December 31, 2018
|
|||||||||||
Current assets
|
$
|
4
|
|
|
$
|
248
|
|
|
$
|
252
|
|
Total assets
|
276
|
|
|
3,732
|
|
|
4,008
|
|
|||
Current liabilities
|
1
|
|
|
127
|
|
|
128
|
|
|||
Total liabilities
|
12
|
|
|
1,060
|
|
|
1,072
|
|
|||
Members' equity
|
264
|
|
|
2,672
|
|
|
2,936
|
|
|||
As of December 31, 2017
|
|||||||||||
Current assets
|
3
|
|
|
131
|
|
|
134
|
|
|||
Total assets
|
286
|
|
|
2,894
|
|
|
3,180
|
|
|||
Current liabilities
|
1
|
|
|
70
|
|
|
71
|
|
|||
Total liabilities
|
11
|
|
|
319
|
|
|
330
|
|
|||
Members' equity
|
275
|
|
|
2,575
|
|
|
2,850
|
|
|||
Income Statement
|
|
|
|
|
|
||||||
For the year ended December 31, 2018
|
|||||||||||
Revenue
|
14
|
|
|
248
|
|
|
262
|
|
|||
Income from continuing operations
|
(6
|
)
|
|
(22
|
)
|
|
(28
|
)
|
|||
Net income
|
(6
|
)
|
|
(22
|
)
|
|
(28
|
)
|
|||
For the year ended December 31, 2017
|
|||||||||||
Revenue
|
12
|
|
|
254
|
|
|
266
|
|
|||
Income from continuing operations
|
(8
|
)
|
|
(49
|
)
|
|
(57
|
)
|
|||
Net income
|
(8
|
)
|
|
(49
|
)
|
|
(57
|
)
|
•
|
Behind-The-Meter ("BTM")
: distributed building or facility projects, which reduce energy usage or cost through the use of solar generation and energy storage or energy efficient improvements including heating, ventilation and air conditioning systems (“HVAC”), lighting, energy controls, roofs, windows, building shells, and/or combined heat and power systems;
|
•
|
Grid Connected ("GC")
: projects that deploy cleaner energy sources, such as solar and wind to generate power where the off-taker or counterparty is part of the wholesale electric power grid; and
|
•
|
Other Sustainable Infrastructure
: upgraded transmission or distribution systems, water and storm water infrastructure, seismic retrofits and other projects, that improve water or energy efficiency, increase resiliency, positively impact the environment or more efficiently use natural resources.
|
•
|
Equity in either preferred or common structures in unconsolidated entities;
|
•
|
Government and commercial receivables or securities, such as loans for renewable energy and energy efficiency projects; and
|
•
|
Real estate, such as land or other assets leased for use by sustainable infrastructure projects typically under long-term leases.
|
•
|
Consolidation and equity method investments;
|
•
|
Impairment of our Portfolio; and
|
•
|
Securitization of receivables.
|
•
|
Equity investments in either preferred or common structures in unconsolidated entities;
|
•
|
Government and commercial receivables, such as loans for renewable energy and energy efficiency projects;
|
•
|
Real estate, such as land or other assets leased for use by sustainable infrastructure projects typically under long-term leases; and
|
•
|
Investments in debt securities of renewable energy or energy efficiency projects.
|
|
Balance
|
|
Maturity
|
||
|
(in millions)
|
|
|
||
Fixed-rate receivables, interest rates less than 5.00% per annum
|
$
|
397
|
|
|
2020 to 2046
|
Fixed-rate receivables, interest rates from 5.00% to 6.50% per annum
|
130
|
|
|
2020 to 2054
|
|
Fixed-rate receivables, interest rates greater than 6.50% per annum
|
391
|
|
|
2019 to 2069
|
|
Receivables
|
918
|
|
|
|
|
Allowance for credit losses
|
—
|
|
|
|
|
Receivables, net of allowance
|
918
|
|
|
|
|
Fixed-rate investments, interest rates less than 5.00% per annum
|
138
|
|
|
2019 to 2044
|
|
Fixed-rate investments, interest rates from 5.00% to 6.50% per annum
|
40
|
|
|
2028 to 2050
|
|
Total receivables and investments
|
$
|
1,096
|
|
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(dollars in millions)
|
||||||
Interest income, receivables
|
$
|
16
|
|
|
$
|
13
|
|
Average monthly balance of receivables
|
$
|
904
|
|
|
$
|
980
|
|
Average interest rate of receivables
|
6.9
|
%
|
|
5.2
|
%
|
||
Interest income, investments
|
$
|
2
|
|
|
$
|
2
|
|
Average monthly balance of investments
|
$
|
172
|
|
|
$
|
153
|
|
Average interest rate of investments
|
4.4
|
%
|
|
4.0
|
%
|
||
Rental income
|
$
|
6
|
|
|
$
|
6
|
|
Average monthly balance of real estate
|
$
|
365
|
|
|
$
|
340
|
|
Average yield on real estate
|
7.1
|
%
|
|
7.0
|
%
|
||
Average monthly balance of Portfolio
|
$
|
1,441
|
|
|
$
|
1,473
|
|
Average yield from Portfolio
|
6.6
|
%
|
|
5.5
|
%
|
||
Interest expense
(1)
|
$
|
13
|
|
|
$
|
14
|
|
Average monthly balance of debt
(1)
|
$
|
1,137
|
|
|
$
|
1,225
|
|
Average interest rate of debt
(1)
|
4.5
|
%
|
|
4.7
|
%
|
||
Average interest spread
(1)
|
2.1
|
%
|
|
0.8
|
%
|
||
Net investment margin
(1)
|
3.1
|
%
|
|
1.6
|
%
|
(1)
|
Excludes amounts related to the non-recourse debt used to finance the equity method investments in the renewable energy projects because our earnings from these equity investments are not included in total revenue.
|
|
Payment due by Period
|
||||||||||||||||||
|
Total
|
|
Less than
1 year
|
|
1-5
years
|
|
5-10
years
|
|
More than
10 years
|
||||||||||
|
(in millions)
|
||||||||||||||||||
Receivables
|
$
|
918
|
|
|
$
|
32
|
|
|
$
|
129
|
|
|
$
|
174
|
|
|
$
|
583
|
|
Investments
|
178
|
|
|
67
|
|
|
17
|
|
|
24
|
|
|
70
|
|
•
|
the anticipated maturity dates of our receivables and investments and the weighted average yield for each range of maturities as of
March 31, 2019
,
|
•
|
the term of our leases and a schedule of our future minimum rental income under our land lease agreements as of
March 31, 2019
,
|
•
|
the credit quality of our Portfolio, and
|
•
|
the receivables on non-accrual status.
|
|
Three Months Ended March 31,
|
|
|
|
|
|||||||||
|
2019
|
|
2018
|
|
$ Change
|
|
% Change
|
|||||||
|
(dollars in millions)
|
|||||||||||||
Revenue
|
|
|
|
|
|
|
|
|||||||
Interest income, receivables
|
$
|
16
|
|
|
$
|
13
|
|
|
$
|
3
|
|
|
23
|
%
|
Interest income, investments
|
2
|
|
|
2
|
|
|
—
|
|
|
—
|
%
|
|||
Rental income
|
6
|
|
|
6
|
|
|
—
|
|
|
—
|
%
|
|||
Gain on sale of receivables and investments
|
7
|
|
|
6
|
|
|
1
|
|
|
17
|
%
|
|||
Fee income
|
2
|
|
|
1
|
|
|
1
|
|
|
100
|
%
|
|||
Total revenue
|
33
|
|
|
28
|
|
|
5
|
|
|
18
|
%
|
|||
Expenses
|
|
|
|
|
|
|
|
|||||||
Interest expense
|
16
|
|
|
19
|
|
|
(3
|
)
|
|
(16
|
)%
|
|||
Compensation and benefits
|
7
|
|
|
5
|
|
|
2
|
|
|
40
|
%
|
|||
General and administrative
|
3
|
|
|
3
|
|
|
—
|
|
|
—
|
%
|
|||
Total expenses
|
26
|
|
|
27
|
|
|
(1
|
)
|
|
(4
|
)%
|
|||
Income before equity method investments
|
7
|
|
|
1
|
|
|
6
|
|
|
600
|
%
|
|||
Income (loss) from equity method investments
|
4
|
|
|
(2
|
)
|
|
6
|
|
|
NM
|
|
|||
Income (loss) before income taxes
|
11
|
|
|
(1
|
)
|
|
12
|
|
|
NM
|
|
|||
Income tax (expense) benefit
|
3
|
|
|
—
|
|
|
3
|
|
|
NM
|
|
|||
Net income (loss)
|
$
|
14
|
|
|
$
|
(1
|
)
|
|
$
|
15
|
|
|
NM
|
|
•
|
Net income increased by approximately
$15
million as a result of a
$5 million
increase in total revenue,
$6
million increase in income from equity method investments,
$1 million
decrease in total expenses, and a $3 million income tax
|
•
|
Total revenue grew by
$5 million
as gain on sale of receivables and investments and fee income grew by $2 million primarily due to increased securitization activity during the three months ended
March 31, 2019
, when compared to the same period in
2018
. Interest income from investments and rental income increased by $3 million as compared to the same period in the prior year due to a higher average interest rate on our receivables.
|
•
|
Interest expense decreased by
$3 million
primarily due to an decrease in total debt and its related cost during the three months ended
March 31, 2019
, when compared to the same period in
2018
.
|
•
|
Compensation and benefits increased by $2 million due to an increase in equity-based compensation expense resulting from the timing of vesting and higher Company performance when compared to the same period in
2018
.
|
•
|
Income from equity method investments increased by
$6
million primarily due to an allocation of income from one of our joint ventures due to the related project's realization of investment tax credits.
|
|
Three Months Ended March 31,
|
||||||||||||||
|
2019
|
|
2018
|
||||||||||||
|
$
|
|
Per
Share
|
|
$
|
|
Per
Share
|
||||||||
|
(dollars in thousands, except per share amounts)
|
||||||||||||||
Net income (loss) attributable to controlling stockholders
(1)
|
$
|
13,647
|
|
|
$
|
0.21
|
|
|
$
|
(1,223
|
)
|
|
$
|
(0.03
|
)
|
Core earnings adjustments:
|
|
|
|
|
|
|
|
||||||||
Reverse GAAP (income) loss from equity method investments
|
(4,506
|
)
|
|
|
|
2,285
|
|
|
|
||||||
Add back core equity method investments earnings
|
9,604
|
|
|
|
|
10,592
|
|
|
|
||||||
Non-cash equity-based compensation charges
|
3,578
|
|
|
|
|
1,845
|
|
|
|
||||||
Amortization of intangibles
|
816
|
|
|
|
|
783
|
|
|
|
||||||
Non-cash provision (benefit) for income taxes
|
(2,266
|
)
|
|
|
|
—
|
|
|
|
||||||
Current year earnings attributable to non-controlling interest
|
61
|
|
|
|
|
(5
|
)
|
|
|
||||||
Core earnings
(2)
|
$
|
20,934
|
|
|
$
|
0.33
|
|
|
$
|
14,277
|
|
|
$
|
0.27
|
|
(1)
|
This is the GAAP diluted earnings per share and is the most comparable GAAP measure to our core earnings per share.
|
(2)
|
Core earnings per share is based on
63,706,102
shares for the
three
months ended
March 31, 2019
and
53,549,878
shares for the
three
months ended
March 31, 2018
, which represents the weighted average number of fully-diluted shares outstanding including our restricted stock awards and restricted stock units and the non-controlling interest in our Operating Partnership. We include any potential common stock issuance in this calculation related to our convertible notes using the treasury stock method.
|
|
As of
|
||||||
|
March 31, 2019
|
|
December 31, 2018
|
||||
|
(dollars in millions)
|
||||||
Equity method investments
|
$
|
459
|
|
|
$
|
471
|
|
Government receivables
|
464
|
|
|
497
|
|
||
Commercial receivables
|
454
|
|
|
447
|
|
||
Real estate
|
365
|
|
|
365
|
|
||
Investments
|
178
|
|
|
170
|
|
||
Assets held in securitization trusts
|
3,596
|
|
|
3,334
|
|
||
Managed Assets
|
$
|
5,516
|
|
|
$
|
5,284
|
|
Credit losses as a percentage of assets under management
|
0.0
|
%
|
|
0.0
|
%
|
|
March 31, 2019
|
|
% of Total
|
|
December 31, 2018
|
|
% of Total
|
||||||
|
(dollars in millions)
|
|
|
|
(dollars in millions)
|
|
|
||||||
Floating-rate borrowings
|
$
|
345
|
|
|
28
|
%
|
|
$
|
317
|
|
|
26
|
%
|
Fixed-rate debt
|
900
|
|
|
72
|
%
|
|
925
|
|
|
74
|
%
|
||
Total debt
(1)
|
$
|
1,245
|
|
|
100
|
%
|
|
$
|
1,242
|
|
|
100
|
%
|
Equity
|
$
|
842
|
|
|
|
|
$
|
805
|
|
|
|
||
Leverage
|
1.5 to 1
|
|
|
|
|
1.5 to 1
|
|
|
|
(1)
|
Floating-rate borrowings include borrowings under our floating-rate credit facilities and approximately
$62 million
and
$58 million
of non-recourse debt with floating rate exposure as of
March 31, 2019
and
December 31, 2018
, respectively. Approximately
$32 million
of the
March 31, 2019
and
December 31, 2018
, floating rate exposure is hedged beginning in August 2019. Fixed-rate debt also includes the present notional value of non-recourse debt that is hedged using interest rate swaps. Debt excludes securitizations that are not consolidated on our balance sheet.
|
Period
|
|
Total number of shares purchased
|
|
Average price
per share
|
|
Total number of shares purchased as part of publicly announced plans or programs
|
|
Maximum
number of
shares that
may yet be
purchased
under the
plans or programs
|
||
March 2019
|
|
253,743
|
|
|
25.31
|
|
|
N/A
|
|
N/A
|
Exhibit
number
|
|
Exhibit description
|
|
|
|
3.1
|
|
|
|
|
|
3.2
|
|
|
|
|
|
3.3
|
|
|
|
|
|
4.1
|
|
|
|
|
|
4.2
|
|
|
|
|
|
4.3
|
|
|
|
|
|
10.1*
|
|
|
|
|
|
10.2*
|
|
|
|
|
|
10.3*
|
|
|
|
|
|
10.4*
|
|
|
|
|
|
31.1*
|
|
|
|
|
|
31.2*
|
|
|
|
|
|
32.1**
|
|
|
|
|
|
32.2**
|
|
|
|
|
|
101.INS*
|
|
XBRL Instance Document
|
|
|
|
101.SCH*
|
|
XBRL Taxonomy Extension Schema
|
|
|
|
101.CAL*
|
|
XBRL Taxonomy Extension Calculation Linkbase
|
|
|
|
101.DEF*
|
|
XBRL Taxonomy Extension Definition Linkbase
|
|
|
|
101.LAB*
|
|
XBRL Taxonomy Extension Label Linkbase
|
|
|
|
101. PRE*
|
|
XBRL Taxonomy Extension Presentation Linkbase
|
|
|
|
|
|
|
|
|
|
|
HANNON ARMSTRONG SUSTAINABLE
INFRASTRUCTURE CAPITAL, INC.
(Registrant)
|
|
|
|
||
Date: May 2, 2019
|
|
|
|
/s/ Jeffrey W. Eckel
|
|
|
|
|
Jeffrey W. Eckel
|
|
|
|
|
Chairman, Chief Executive Officer and President
|
|
|
|
||
Date: May 2, 2019
|
|
|
|
/s/ Charles W. Melko
|
|
|
|
|
Charles W. Melko
|
|
|
|
|
Chief Accounting Officer and Senior Vice President
|
1 Year HA Sustainable Infrastru... Chart |
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