Fri, Aug 2, 11:15 AM (230 days ago)
HA Sustainable Infrastructure Capital, Inc. (formerly Hannon Armstrong Sustainable Infrastructure Capital, Inc.) reported its financial results for the quarter ended June 30, 2024. Key highlights include: 1. **Revenue Growth**: Total revenue increased by 27% year-over-year to $95 million, driven by a 30% increase in interest income and a 21% increase in securitization asset income. This was partially offset by a 99% decrease in rental income due to the sale of real estate assets in 2023 and 2024. 2. **Expense Increase**: Total expenses rose by 30% to $84 million, mainly due to a 49% increase in interest expense from higher debt balances and rates, and a 50% increase in compensation and benefits. 3. **Equity Method Investments**: Income from equity method investments surged to $27 million from $2 million, primarily due to tax credit allocations and mark-to-market income related to a power price derivative. 4. **Net Income**: Net income nearly doubled to $27 million, driven by higher revenues and equity method investment income, despite increased expenses and a higher income tax expense. 5. **Managed Assets**: The company managed assets totaling approximately $13 billion, with a portfolio yield of 8.0%. 6. **Liquidity**: The company maintains sufficient liquidity through cash collections from its portfolio, proceeds from asset sales, and available credit facilities. 7. **Future Prospects**: The company’s pipeline of potential new opportunities exceeds $5.5 billion, indicating strong future growth potential. These results highlight the company's robust financial health and strategic growth in sustainable infrastructure investments.