InfraREIT (HIFR) 10-Q 6 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 04, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Trading Symbol	HIFR
Entity Registrant Name	InfraREIT, Inc.
Entity Central Index Key	1,506,401
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		43,565,495

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Current Assets
Cash and cash equivalents	$ 29,725,000	$ 15,612,000
Restricted cash	1,682,000	1,682,000
Due from affiliates	21,647,000	27,822,000
Inventory	7,071,000	7,393,000
Assets held for sale		41,211,000
Prepaids and other current assets	857,000	4,897,000
Total current assets	60,982,000	98,617,000
Electric Plant, net	1,369,500,000	1,227,146,000
Goodwill	138,384,000	138,384,000
Deferred Assets and Other Regulatory Assets, net	35,993,000	37,948,000
Investments	2,519,000	2,519,000
Total Assets	1,607,378,000	1,504,614,000
Current Liabilities
Accounts payable and accrued liabilities	26,780,000	25,295,000
Short-term borrowings	20,000,000	219,000,000
Current portion of long-term debt	19,531,000	19,234,000
Dividends and distributions payable	13,634,000	14,130,000
Contingent consideration	0	27,378,000
Accrued taxes	2,934,000	2,359,000
Total current liabilities	82,879,000	307,396,000
Long-Term Debt	595,836,000	610,522,000
Regulatory Liability	8,477,000	1,242,000
Total liabilities	$ 687,192,000	$ 919,160,000
Commitments and Contingencies
Equity
Members' capital - 35,053,186 shares issued and outstanding as of December 31, 2014		$ 440,387,000
Common stock, $0.01 par value; 450,000,000 shares authorized; 43,565,495 issued and outstanding as of September 30, 2015	$ 436,000
Additional paid-in capital	702,213,000
Accumulated deficit	(34,529,000)
Accumulated other comprehensive loss	0
Total InfraREIT, Inc. equity	668,120,000	440,387,000
Noncontrolling interest	252,066,000	145,067,000
Total equity	920,186,000	585,454,000
Total Liabilities and Equity	$ 1,607,378,000	$ 1,504,614,000

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Statement Of Financial Position [Abstract]
Members capital, shares issued		35,053,186
Members capital, shares outstanding		35,053,186
Common stock, par or stated value per share	$ 0.01
Common stock, shares authorized	450,000,000
Common stock, shares issued	43,565,495
Common stock, shares, outstanding	43,565,495

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Statement [Abstract]
Lease revenue	$ 41,452	$ 39,309	$ 100,282	$ 89,371
Operating costs and expenses
General and administrative expense	5,504	6,143	58,965	12,839
Depreciation	10,259	8,998	29,438	25,825
Total operating costs and expenses	15,763	15,141	88,403	38,664
Income from operations	25,689	24,168	11,879	50,707
Other (expense) income
Interest expense, net	(6,723)	(8,699)	(21,084)	(24,364)
Other income, net	707	294	2,180	333
Total other expense	(6,016)	(8,405)	(18,904)	(24,031)
Income (loss) before income taxes	19,673	15,763	(7,025)	26,676
Income tax expense	243	248	575	656
Net income (loss)	19,430	15,515	(7,600)	26,020
Less: Net income (loss) attributable to noncontrolling interest	5,458	3,621	(1,061)	6,046
Net income (loss) attributable to InfraREIT, Inc.	$ 13,972	$ 11,894	$ (6,539)	$ 19,974
Net income (loss) attributable to InfraREIT, Inc. common shareholders per share:
Basic	$ 0.32	$ 0.34	$ (0.15)	$ 0.57
Diluted	0.32	$ 0.34	(0.15)	$ 0.57
Cash dividends declared per common share	$ 0.225		$ 0.850

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ 19,430	$ 15,515	$ (7,600)	$ 26,020
Change in fair value of cash flow hedging instrument				844
Comprehensive income (loss)	19,430	15,515	(7,600)	26,864
Less: Comprehensive income (loss) attributable to noncontrolling interest	5,458	3,621	(1,061)	6,280
Comprehensive income (loss) attributable to InfraREIT, Inc.	$ 13,972	$ 11,894	$ (6,539)	$ 20,584

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - 9 months ended Sep. 30, 2015 - USD ($) $ in Thousands	Total	Members' Capital	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total InfraREIT, Inc. Equity	Noncontrolling Interest
Balance at Dec. 31, 2014	$ 585,454	$ 440,387				$ 440,387	$ 145,067
Dividends and distributions	(47,465)	(8,964)			$ (25,705)	(34,669)	(12,796)
Repurchase of common shares	(66,517)	(66,517)				(66,517)
Initial public offering, net of offering costs	490,433		$ 230	$ 490,203		490,433
Merger of InfraREIT, L.L.C. and InfraREIT, Inc. and related Reorganization transactions	(101,885)	(367,191)	206	212,010		(154,975)	53,090
Net income (loss)	(7,600)	$ 2,285			(8,824)	(6,539)	(1,061)
Equity based compensation	493						493
Non-cash noncontrolling interest equity issuance	67,273						67,273
Balance at Sep. 30, 2015	$ 920,186		$ 436	$ 702,213	$ (34,529)	$ 668,120	$ 252,066

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities
Net (loss) income	$ (7,600,000)	$ 26,020,000
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation	29,438,000	25,825,000
Amortization of deferred financing costs	2,436,000	3,193,000
Allowance for funds used during construction - equity	(2,180,000)	(1,432,000)
Change in fair value of contingent consideration	0	1,110,000
Reorganization structuring fee	44,897,000
Realized gain on sale of marketable securities	(66,000)
Equity based compensation	493,000	120,000
Changes in assets and liabilities:
Due from affiliates	6,175,000	8,960,000
Inventory	322,000	292,000
Prepaids and other current assets	(303,000)	(1,625,000)
Accounts payable and accrued liabilities	4,624,000	5,228,000
Net cash provided by operating activities	78,236,000	67,691,000
Cash flows from investing activities
Additions to electric plant	(164,890,000)	(170,200,000)
Proceeds from sale of assets	41,211,000
Sale of marketable securities	1,065,000
Cash paid to InfraREIT, L.L.C. investors in the merger, net of cash assumed	(172,400,000)
Net cash used in investing activities	(295,014,000)	(170,200,000)
Cash flows from financing activities
Net proceeds from issuance of common stock upon initial public offering	493,722,000
Proceeds from short-term borrowings	53,000,000	123,500,000
Repayments of short-term borrowings	(253,000,000)	(5,000,000)
Proceeds from borrowings of long-term debt		11,000,000
Repayments of long-term debt	(14,389,000)	(9,184,000)
Net change in restricted cash		(1,000)
Deferred financing costs	(481,000)	(897,000)
Dividends and distributions paid	(47,961,000)
Net cash provided by financing activities	230,891,000	119,418,000
Net increase in cash and cash equivalents	14,113,000	16,909,000
Cash and cash equivalents at beginning of period	15,612,000	7,746,000
Cash and cash equivalents at end of period	$ 29,725,000	$ 24,655,000

Description of Business and Pre

Description of Business and Presentation of Financial Statements	9 Months Ended
	Sep. 30, 2015
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Description of Business and Presentation of Financial Statements	1. Description of Business and Presentation of Financial Statements InfraREIT, Inc. is a Maryland corporation and the surviving corporation of a merger (Merger) with InfraREIT, L.L.C., a Delaware limited liability company, completed on February 4, 2015 in connection with the initial public offering (IPO) of InfraREIT, Inc. As used in this Quarterly Report on Form 10-Q, unless the context requires otherwise or except as otherwise noted, the words “Company,” “InfraREIT,” “we,” “our” and “us” refer to InfraREIT, L.L.C., before giving effect to the Merger, and InfraREIT, Inc., after giving effect to the Merger, as the context requires, and also refer to the registrant’s subsidiaries, including InfraREIT Partners, LP (Operating Partnership or InfraREIT LP), a Delaware limited partnership. The Merger was accounted for as a reverse acquisition, which means for accounting purposes we treated the assets and liabilities of InfraREIT, Inc. as assumed and incorporated with the assets and liabilities of InfraREIT, L.L.C. The main assets and liabilities assumed were marketable securities of $1.1 million and a note payable of $1.0 million. The marketable securities were sold during February 2015 for $1.1 million resulting in a realized gain of $0.1 million which is recorded in other income (expense), net in the Consolidated Statements of Operations. Additionally, the note payable and associated interest were paid in full in February 2015. We hold 71.9% of the outstanding partnership units (OP Units) in the Operating Partnership as of September 30, 2015 and are its general partner. We include the accounts of the Operating Partnership and its subsidiaries in our consolidated financial statements. MC Transmission Holdings, Inc. (MC Transmission), which is a subsidiary of Marubeni Corporation (Marubeni), seven members of our board of directors and affiliates of Hunt Consolidated, Inc. (HCI) hold the other 28.1% of the outstanding OP Units as of September 30, 2015. Description of Business We are the owners of electric transmission and distribution assets (T&D assets) located in the Texas Panhandle near Amarillo (Panhandle assets), the Permian Basin in and around Stanton, Central Texas around Brady, Northeast Texas in and around Celeste (S/B/C assets) and South Texas near McAllen (McAllen assets). InfraREIT, L.L.C. elected to be treated as a real estate investment trust (REIT) for U.S. federal income tax purposes commencing with the taxable year ended December 31, 2010, and InfraREIT, Inc. will elect to be taxed as a REIT commencing with the taxable year ending December 31, 2015. We are externally managed and advised by Hunt Utility Services, LLC (Hunt Manager), which is responsible for overseeing our day-to-day affairs, subject to the oversight of our board of directors. Initial Public Offering and Reorganization We completed our IPO on February 4, 2015, issuing 23,000,000 shares of common stock at a price of $23.00, resulting in gross proceeds of $529.0 million. Immediately after the closing of our IPO, we completed the Merger, with InfraREIT, L.L.C. merging with and into InfraREIT, Inc., and InfraREIT, Inc. as the surviving entity and general partner of the Operating Partnership. InfraREIT, Inc. used $172.4 million of the net proceeds from the IPO to fund the cash portion of the consideration issued in the Merger, as described in greater detail below. We contributed the remaining $323.2 million to the Operating Partnership in exchange for common OP Units (Common OP Units). The Operating Partnership used the net proceeds from the IPO that it received from InfraREIT, Inc.: · to repay an aggregate of $1.0 million of indebtedness to HCI; · to repay an aggregate of $72.0 million of indebtedness outstanding under the Operating Partnership’s revolving credit facility and $150.0 million of indebtedness outstanding under Sharyland Distribution & Transmission Services, L.L.C.’s (SDTS) revolving credit facility; · to pay offering expenses (other than the underwriting discounts and commissions and the underwriter structuring fee) of $6.3 million; and · for general corporate purposes. The following bullets describe the Merger and related transactions we effected in the first quarter of 2015 (collectively, the Reorganization). · On January 29, 2015, the Operating Partnership effected a reverse unit split whereby each holder of OP Units received 0.938550 OP Units of the same class in exchange for each such unit it held immediately prior to such time, which is referred to as the unit split. Also, on January 29, 2015, InfraREIT, L.L.C. effected a reverse share split whereby each holder of shares received 0.938550 shares of the same class in exchange for each such share it held immediately prior to such time, which is referred to as the share split. All references to unit, share, per unit and per share amounts in these unaudited consolidated financial statements and related disclosures have been adjusted to reflect the reverse share split and reverse unit split for all periods presented. · On January 29, 2015, InfraREIT, Inc. issued 1,700,000 shares of common stock to Hunt-InfraREIT, L.L.C. (Hunt-InfraREIT) as a non-cash reorganization advisory fee in accordance with the structuring fee agreement, resulting in our recognition of a $44.9 million non-cash expense in the first quarter of 2015. · On February 4, 2015, the Operating Partnership issued 1,700,000 OP Units to InfraREIT, Inc. in respect of the structuring fee issuance of 1,700,000 shares of InfraREIT, Inc. common stock described immediately above. · On February 4, 2015, the Operating Partnership issued an aggregate of 28,000 of its profit interest partnership units (LTIP Units) to seven of our directors. · On February 4, 2015, the Operating Partnership issued 983,814 Common OP Units to Hunt-InfraREIT in settlement of the Operating Partnership’s obligation to issue OP Units to Hunt-InfraREIT related to the construction of transmission assets in the Texas Panhandle and Southern Plains (CREZ Project). · On February 4, 2015, the Operating Partnership issued Hunt-InfraREIT 1,167,287 Common OP Units as an accelerated payment of a portion of the carried interest agreed to in 2010 in connection with the organization of InfraREIT, L.L.C. To effect the shift in ownership from the pre-IPO investors to Hunt-InfraREIT, an equal number of OP Units held by InfraREIT, L.L.C. in the Operating Partnership were canceled at the same time. · On February 4, 2015, as a result of the Merger, (1) holders of 8,000,000 common shares of InfraREIT, L.L.C. received $21.551 per common share, which was equal to the IPO price less the underwriting discounts and commissions and an underwriting structure fee, (2) holders of the remaining 19,617,755 common shares of InfraREIT, L.L.C. received 19,617,755 shares of InfraREIT, Inc. Class A common stock and (3) holders of 25,145 Class C shares of InfraREIT, L.L.C. received 25,145 shares of InfraREIT, Inc. Class C common stock. · Marubeni, John Hancock Life Insurance Company (U.S.A), Teachers Insurance and Annuity Association of America, OpTrust Infrastructure N.A. Inc. (OpTrust) (collectively, founding investors) each received both cash and stock consideration in the Merger, and all other pre-IPO investors received shares of InfraREIT, Inc. Class A common stock or Class C common stock in the Merger. InfraREIT, L.L.C. gave each other holder of its common shares the opportunity to receive cash consideration in the Merger, and each such holder elected (or was deemed to have elected) to receive shares of Class A common stock under the merger agreement. All holders of InfraREIT, L.L.C.’s Class C common shares, as a separate class, received shares of Class C common stock pursuant to the merger agreement. · On February 4, 2015, InfraREIT, Inc. contributed $323.2 million to the Operating Partnership in exchange for 15,000,000 Common OP Units. · On February 4, 2015, InfraREIT, Inc. issued 1,551,878 shares of common stock to Hunt-InfraREIT in exchange for 1,551,878 OP Units tendered for redemption by Hunt-InfraREIT in accordance with a redemption agreement. · On February 4, 2015, InfraREIT, Inc. purchased 6,242,999 common shares in consideration for the issuance of a promissory note to Westwood Trust in the principal amount of $66.5 million. · Westwood Trust immediately transferred the promissory note to MC Transmission, and, immediately following receipt of the promissory note, MC Transmission purchased 3,325,874 Common OP Units from the Operating Partnership in consideration for the assignment of the promissory note. The promissory note was then transferred to InfraREIT, Inc. in exchange for the redemption of 6,242,999 OP Units held by InfraREIT, Inc. and the subsequent cancellation of such promissory note, resulting in no cash consideration being paid or received pursuant to the purchase from Westwood Trust or the sale of Common OP Units to MC Transmission. · On March 9, 2015, the Operating Partnership issued 2,329,283 Common OP Units to Hunt-InfraREIT, and InfraREIT, Inc. canceled an equal number of shares of Class A common stock and Class C common stock. Each remaining share of Class A common stock and Class C common stock then converted to common stock on a one-for-one basis. This issuance settled InfraREIT, L.L.C.’s pre-IPO investors carried interest obligation agreed to by Hunt-InfraREIT under the investment documents entered into by the parties in 2010. · On March 9, 2015, the 11,264 long-term incentive plan units issued to two of InfraREIT, L.L.C.’s non-voting directors in May 2014 converted on a one-to-one basis to Common OP Units. Limited Partnership Agreement In connection with the Reorganization, we adopted a Second Amended and Restated Limited Partnership Agreement which became effective with the closing of our IPO. Upon completion of the IPO, the Operating Partnership had five types of OP Units outstanding: Common OP Units, Class A OP Units, Class B OP Units, Class C OP Units and LTIP Units. On March 9, 2015, the Operating Partnership issued Common OP Units in exchange for outstanding Class A OP Units and Class C OP Units. Such Common OP Units were allocated among the holders of Class A OP Units and Class C OP Units, and the Class A OP Units, Class B OP Units and Class C OP Units were canceled. Following such allocation, we adopted a Third Amended and Restated Limited Partnership Agreement that eliminated the provisions related to the Reorganization and the description of the Class A OP Units, Class B OP Units and Class C OP Units; however, it continues to allow amendments to authorize and issue additional classes of OP Units in the future. Basis of Presentation The accompanying unaudited interim consolidated financial statements of InfraREIT, Inc. include our accounts and the accounts of all other entities in which we have a controlling financial interest with noncontrolling interest of consolidated subsidiaries reported separately. This Quarterly Report on Form 10-Q presents the operating results of InfraREIT, L.L.C. for the three and nine months ended September 30, 2014 and the InfraREIT, L.L.C. balance sheet as of December 31, 2014. Our operating results for the three and nine months ended September 30, 2015 reflect the operations of InfraREIT, L.L.C. prior to the effectiveness of the Merger, and the operations of InfraREIT, Inc. for the period from the Merger through September 30, 2015, and our balance sheet as of September 30, 2015 is the balance sheet of InfraREIT, Inc. These unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. The Consolidated Balance Sheet at December 31, 2014 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. For further information, refer to the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014, filed with the Securities and Exchange Commission on March 18, 2015. Recently Issued Accounting Pronouncements In February 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2015-02, Consolidation (Topic 810) – Amendments to the Consolidation Analysis In April 2015, the FASB issued ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30), Simplifying the Presentation of Debt Issuance Costs In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805), Simplifying the Accounting for Measurement-Period Adjustments

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions	2 . Related Party Transactions Our subsidiaries are parties to several lease agreements with Sharyland Utilities, L.P. (Sharyland or tenant), through which we lease our T&D assets to Sharyland. Under the leases we have agreed to fund capital expenditures for footprint projects. Our leases define “footprint projects” to be transmission or distribution projects primarily situated within our distribution service territory, or that physically hang from our existing transmission assets. We earned lease revenues under these agreements of $41.5 million and $39.3 million from Sharyland during the three months ended September 30, 2015 and 2014, respectively. We earned $100.3 million and $89.4 million from Sharyland during the nine months ended September 30, 2015 and 2014, respectively. In connection with our leases with Sharyland, we recorded a deferred rent liability of $13.5 million and $5.0 million as of September 30, 2015 and December 31, 2014, respectively, which is included in accounts payable and accrued liabilities on the Consolidated Balance Sheets. We and Sharyland also make payments to each other under the leases that primarily consist of payments to reimburse Sharyland for the costs of gross plant and equipment added to our T&D assets. For the nine months ended September 30, 2015 and 2014, the net amount of the payments we made to Sharyland was $170.8 million and $148.4 million, respectively. As of September 30, 2015 and December 31, 2014, accounts payable and accrued liabilities on the Consolidated Balance Sheets included $11.9 million and $16.1 million, respectively, related to amounts owed to Sharyland. As of September 30, 2015 and December 31, 2014, amounts due from affiliates on the Consolidated Balance Sheets included $21.6 million and $27.8 million, respectively, related to amounts owed by Sharyland associated with our leases. Our management fee paid to Hunt Manager for the nine months ended September 30, 2015 and 2014 was $9.1 million and $7.5 million, respectively. As of September 30, 2015 and December 31, 2014, there were no prepaid or accrued amounts associated with management fees on the Consolidated Balance Sheets. Additionally, during the nine months ended September 30, 2015 and 2014, we paid Hunt Manager $0.3 million and $0.2 million, respectively, for reimbursement of annual software license and maintenance fees and other expenses in accordance with our management agreement. Our current management agreement with Hunt Manager, which was effective February 4, 2015, provided for an annual base fee, or management fee, of $10.0 million through April 1, 2015. Effective as of April 1, 2015, the annual base fee was adjusted to $13.1 million annually through March 31, 2016. The base fee for each twelve month period beginning April 1 thereafter will equal 1.50% of our total equity as of December 31 of the immediately preceding year, subject to a $30.0 million cap. The term of the management agreement expires December 31, 2019, and will automatically renew for successive five-year terms unless a majority of our independent directors decides to terminate the agreement. In connection with the organization of InfraREIT, L.L.C. in November 2010, the Operating Partnership agreed to issue deemed capital credits and Class A OP Units to Hunt-InfraREIT with respect to certain development projects. The amount of the capital account credits the Operating Partnership was required to issue equaled 5% of our capital expenditures on these projects, including allowance for funds used during construction (AFUDC). The number of Class A OP Units the Operating Partnership was required to issue equaled the amount of the capital account credit divided by $10.65. During the nine months ended September 30, 2014, the Operating Partnership issued approximately 102,927 Class A OP Units, and on January 1, 2015, the Operating Partnership issued an additional 17,600 Class A OP Units to Hunt-InfraREIT. Following the consummation of our IPO, the Operating Partnership no longer has the obligation to issue deemed capital credits and related equity to Hunt-InfraREIT. We recorded these capital account credits as asset acquisition costs included as part of the capital project in our construction work in progress (CWIP) balance. InfraREIT LP also issued deemed capital and equity in connection with its CREZ Project. For further information, see Note 11, Contingent Consideration Prior to our IPO, we and one of our stockholders were parties to a secondee agreement under which employees of the stockholder provided services to us for a secondment fee. We incurred costs associated with secondment fees of less than $0.1 million during the nine months ended September 30, 2014. We have not and will not incur any fees associated with this agreement in 2015. These fees are included in general and administrative expense in the Consolidated Statements of Operations. As of September 30, 2015 and December 31, 2014, there were no amounts owed to the member included in accounts payable and accrued liabilities on the Consolidated Balance Sheets related to the secondee agreement. As a result of our IPO, the secondee agreement terminated. In connection with the IPO, Reorganization and related transactions, we incurred an aggregate of $5.0 million of legal fees, a portion of which was paid to reimburse Hunt Consolidated, Inc. and its subsidiaries (collectively, Hunt), the founding investors and independent directors for legal expenses they incurred in connection with such transactions. This legal expense reimbursement relates to the fees and expenses of outside counsel incurred by those parties and was negotiated separately from the reorganization advisory fee that we paid to Hunt-InfraREIT in connection with the reorganization advisory services provided in connection with the IPO. For further information on additional related party transactions we entered into as a result of the Reorganization, see the caption Initial Public Offering and Reorganization Description of Business and Presentation of Financial Statements On November 20, 2014, InfraREIT, Inc. borrowed $1.0 million from HCI pursuant to a promissory note. The note accrued interest at 2.5% per year and was due on November 1, 2015. This note and accrued interest were repaid in February 2015 with proceeds from our IPO for a total of $1.0 million. On January 15, 2015, we sold assets related to the Cross Valley transmission line (Cross Valley) and the Golden Spread Electric Coop (GSEC) interconnection projects to Hunt for a total purchase price of $41.2 million. For further information, see Note 3, Assets Held for Sale

Assets Held for Sale

Assets Held for Sale	9 Months Ended
	Sep. 30, 2015
Assets Held For Sale Not Part Of Disposal Group [Abstract]
Assets Held For Sale Not Part of Disposal Group Disclosure	3 . Assets Held for Sale In October 2014, InfraREIT, L.L.C.’s board of directors approved a plan to sell the assets related to the Cross Valley and GSEC interconnection projects. As of December 31, 2014, these assets were classified as assets held for sale at the lower of historical carrying amount or fair value on the Consolidated Balance Sheets as they met the criteria for “held for sale” accounting as of December 31, 2014. These assets represent labor, materials, AFUDC and various other costs associated with the construction of the Cross Valley and GSEC interconnections projects. The assets of the Cross Valley and GSEC interconnection projects classified as assets held for sale on the Consolidated Balance Sheets were $41.2 million as of December 31, 2014. Since these assets were not placed in service as of December 31, 2014, no depreciation was taken. Effective January 15, 2015, we sold all the assets related to Cross Valley to a newly formed development company owned by Hunt and certain of our founding investors for cash of $34.2 million, which equaled the CWIP of the project on the date of the sale, plus reimbursement of out of pocket expenses associated with the project financing. Also effective January 15, 2015, we sold all the assets related to the GSEC interconnection project to Hunt for cash of $7.0 million, which equaled the CWIP of the project on the date of the sale. In accordance with our development agreement, Hunt will continue to fund the construction of these identified projects and is required to offer them to us at least 90 days before each project is placed in service.

Prepaids and Other Current Asse

Prepaids and Other Current Assets	9 Months Ended
	Sep. 30, 2015
Prepaid Expense And Other Assets Current [Abstract]
Prepaids Expenses And Other Current Assets	4 . Prepaids and Other Current Assets Prepaids and other current assets are as follows: (In thousands) September 30, 2015 December 31, 2014 Offering costs $ — $ 4,397 Prepaid insurance 469 249 Other 388 251 Total prepaids and other current assets $ 857 $ 4,897 Offering costs consisted of costs directly attributable to the registration of our common stock in connection with our IPO. These offering costs, which were netted against our IPO proceeds, equaled $6.3 million in the aggregate, of which $4.4 million were on the Consolidated Balance Sheet at December 31, 2014.

Electric Plant and Depreciation

Electric Plant and Depreciation	9 Months Ended
	Sep. 30, 2015
Public Utilities Property Plant And Equipment [Abstract]
Electric Plant and Depreciation	5 . Electric Plant and Depreciation The major classes of electric plant are as follows: (In thousands) September 30, 2015 December 31, 2014 Electric plant: Transmission plant $ 1,073,862 $ 966,560 Distribution plant 439,098 387,329 General plant 15,617 15,018 Total plant in service 1,528,577 1,368,907 CWIP 85,649 41,222 Total electric plant 1,614,226 1,410,129 Accumulated depreciation (244,726 ) (220,101 ) Electric plant held for future use — 37,118 Electric plant, net $ 1,369,500 $ 1,227,146 General plant consists primarily of a warehouse, buildings and associated assets. CWIP relates to various transmission and distribution projects underway. The capitalized amounts of CWIP consist primarily of route development expenditures, labor and materials expenditures, right of way acquisitions, engineering services and legal fees. Electric plant, net includes plant acquisition adjustments of $28.8 million and $28.7 million at September 30, 2015 and December 31, 2014, respectively. Electric plant held for future use included approximately 66 miles of existing transmission lines and two substations located near Stanton, Texas purchased on December 30, 2013 from Southwestern Public Service Company. SDTS holds legal title to the assets and they are subject to a lease with Sharyland. Sharyland will have the responsibility for operating these T&D assets and complying with all applicable regulatory requirements. During August 2015, electric plant held for future use was placed in service and reclassified to transmission plant and began depreciating.

Goodwill

Goodwill	9 Months Ended
	Sep. 30, 2015
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill	6 . Goodwill Goodwill represents the excess of costs of an acquired business over the fair value of the assets acquired, less liabilities assumed. We conduct an impairment test of goodwill at least annually. As of September 30, 2015 and December 31, 2014, $138.4 million was recorded as goodwill in the Consolidated Balance Sheets.

Deferred Assets and Other Regul

Deferred Assets and Other Regulatory Assets, Net	9 Months Ended
	Sep. 30, 2015
Deferred Finance Costs And Other Regulatory Assets Net [Abstract]
Deferred Assets and Other Regulatory Assets, Net	7 . Deferred Assets and Other Regulatory Assets, net Deferred financing costs primarily consist of costs incurred in connection with the establishment of the InfraREIT LP revolving credit facility and issuance of $25.0 million aggregate principal amount of 8.50% per annum senior notes, see Note 8, Borrowings Under Credit Facilities Long-Term Debt Other regulatory assets consist of deferred financing costs within our regulated entities. These assets are classified as regulatory assets and amortized over the length of the related loan. These costs will be included in the costs to be recovered in connection with a future rate case. Deferred financing costs included in other regulatory assets primarily consist of debt issuance costs incurred in connection with the construction credit agreement entered into by Sharyland Projects, LLC (SPLLC) on June 20, 2011 and refinancing costs incurred in connection with the amended and restated revolving credit facility entered into by SDTS on June 28, 2013. On December 10, 2014, the SDTS credit facility was amended and restated in order to increase the revolving credit facility to a total of $250.0 million revolving credit facility with additional financing costs incurred, see Note 8, Borrowings Under Credit Facilities Long-Term Debt Deferred costs recoverable in future years of $23.8 million at September 30, 2015 and December 31, 2014 represent operating costs incurred from inception of Sharyland through December 31, 2007. We have determined that these costs are probable of recovery through future rates based on orders of the Public Utility Commission of Texas (PUCT) in Sharyland’s prior rate cases and regulatory precedent. Deferred assets and other regulatory assets, net are as follows: September 30, 2015 December 31, 2014 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Deferred financing costs $ 1,292 $ (312 ) $ 980 $ 1,290 $ (143 ) $ 1,147 Other regulatory assets: Deferred financing costs 26,180 (14,960 ) 11,220 25,701 (12,693 ) 13,008 Deferred costs recoverable in future years 23,793 — 23,793 23,793 — 23,793 Deferred financing costs and other regulatory assets, net $ 51,265 $ (15,272 ) $ 35,993 $ 50,784 $ (12,836 ) $ 37,948

Borrowings Under Credit Facilit

Borrowings Under Credit Facilities	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Borrowings Under Credit Facilities	8 . Borrowings Under Credit Facilities InfraREIT LP Revolving Credit Facilities On January 3, 2014, InfraREIT LP entered into a credit agreement, as amended, led by Bank of America, N.A., as administrative agent, which established a revolving credit facility of $130.0 million that included a letter of credit facility. On November 13, 2014, the credit facility was amended to extend the maturity date to March 31, 2015. On December 10, 2014, the credit facility was repaid and terminated using proceeds from InfraREIT LP’s new $75.0 million credit facility and SDTS’s amended credit agreement entered into on December 10, 2014, as discussed below. On December 10, 2014, InfraREIT LP entered into a new $75.0 million revolving credit facility, led by Bank of America, N.A., as administrative agent, with up to $15.0 million available for issuance of letters of credit and a maturity date of December 10, 2019. The revolving credit facility is secured by substantially all of the assets of InfraREIT LP. In addition, Transmission and Distribution Company, LLC (TDC) guarantees the revolving credit facility and this guarantee is secured by the assets of, and InfraREIT LP’s equity interests in, TDC on the same basis as with TDC’s senior notes described below. Upon consummation of the IPO and Merger, InfraREIT, Inc. became a guarantor under this revolving credit facility. The credit agreement requires InfraREIT LP to comply with coverage ratios on a consolidated basis and contains affirmative and negative covenants, including, but not limited to, limitations on additional debt, liens, investments, mergers, acquisitions, dispositions or entry into any line of business other than the business of the transmission and distribution of electric power and the provision of ancillary services and certain restrictions on the payment of dividends. The credit agreement also contains restrictions on the amount of Sharyland’s indebtedness and other restrictions on, and covenants applicable to, Sharyland. Borrowings and other extensions of credit under the revolving credit facility bear interest, at InfraREIT LP’s election, at a rate equal to (i) the one, two, three or six month London Interbank Offered Rate (LIBOR) plus 2.5%, or (ii) a base rate (equal to the highest of (A) the Federal Funds Rate plus ½ of 1%, (B) the Bank of America prime rate and (C) LIBOR plus 1%) plus 1.5%. Letters of credit are subject to a letter of credit fee equal to the daily amount available to be drawn times 2.5%. InfraREIT LP is also required to pay a commitment fee and other customary fees under the new revolving credit facility. InfraREIT LP may prepay amounts outstanding under the revolving credit facility in whole or in part without premium or penalty. There were no outstanding borrowings or letters of credit under the revolving credit facility at September 30, 2015 and there was $75.0 million borrowing capacity available. At December 31, 2014, $57.0 million of borrowings were outstanding at a 2.66% interest rate and no letters of credit outstanding with $18.0 million of remaining capacity under this revolving credit facility. As of September 30, 2015 and December 31, 2014, InfraREIT LP was in compliance with all debt covenants under this agreement. SDTS Credit Agreements On June 28, 2013, SDTS entered into a second amended and restated credit agreement led by Royal Bank of Canada, as administrative agent, which established a revolving credit facility of $75.0 million that originally matured on June 28, 2018 and included a letter of credit facility. On December 10, 2014, SDTS’s second amended and restated credit agreement was amended and restated in order to, among other things, increase the amount of the revolving credit facility to a total of $250.0 million and extend the maturity date to December 10, 2019. Up to $25.0 million of the revolving credit facility is available for issuance of letters of credit, and up to $5.0 million of the revolving facility is available for swingline loans. On September 28, 2015, SDTS amended its credit agreement and related collateral agreements in order to, among other things, modify the collateral requirements. The credit agreement was previously secured by substantially all of the assets of, and TDC’s equity interests in, SDTS . Long-Term Debt The interest rate for the revolving credit facility is based, at SDTS’s option, at a rate equal to either (1) a base rate, determined as the greatest of (A) the administrative agent’s prime rate, (B) the federal funds effective rate plus ½ of 1% and (C) LIBOR plus 1.00% per annum, plus a margin of either 0.75% or 1.00% per annum, depending on the total debt to capitalization ratio of SDTS on a consolidated basis or (2) LIBOR plus a margin of either 1.75% or 2.00% per annum, depending on the total debt to capitalization ratio of SDTS on a consolidated basis. SDTS is also required to pay a commitment fee and other customary fees under its revolving credit facility. SDTS is entitled to prepay amounts outstanding under the revolving credit facility with no prepayment penalty. There were $20.0 million of borrowings outstanding at a 4.00% interest rate with no letters of credit outstanding under the credit agreement at September 30, 2015 and there was $230.0 million of borrowing capacity available. At December 31, 2014, $162.0 million of borrowings were outstanding at a 1.91% interest rate with no letters of credit outstanding and $88.0 million of capacity under this revolving credit facility. As of September 30, 2015 and December 31, 2014, SDTS was in compliance with all debt covenants under this agreement. The revolving credit facilities of InfraREIT LP and SDTS are subject to customary events of default. If an event of default occurs and is continuing, the required lenders may accelerate amounts due under each revolving credit facility (except in the case of a bankruptcy event of default, in which case such amounts will automatically become due and payable).

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2015
Debt Instruments [Abstract]
Long-Term Debt	9 . Long-Term Debt Long-term debt consisted of the following: September 30, 2015 December 31, 2014 (In thousands) Current Maturity Date Amount Outstanding Interest Rate Amount Outstanding Interest Rate Senior secured notes - $53.5 million December 30, 2029 $ 44,969 7.25% $ 46,291 7.25% Senior secured notes - $110.0 million September 30, 2030 102,650 6.47% 105,622 6.47% Senior secured notes - $25.0 million December 30, 2020 19,063 8.50% 20,000 8.50% Senior secured notes - $60.0 million June 20, 2018 60,000 5.04% 60,000 5.04% Senior secured credit facilities - $407.0 million June 20, 2018 388,685 2.45%* 397,843 2.42%* Total long-term debt 615,367 629,756 Less current portion of long-term debt (19,531 ) (19,234 ) Debt classified as long-term debt $ 595,836 $ 610,522 * Interest based on LIBOR at September 30, 2015 and December 31, 2014, respectively, plus an applicable margin. Senior Secured Notes – On December 31, 2009, SDTS issued $53.5 million aggregate principal amount of 7.25% per annum senior secured notes to The Prudential Insurance Company of America and affiliates. Principal and interest on the senior secured notes are payable quarterly. On July 13, 2010, in connection with the acquisition of Cap Rock Holding Corporation (Cap Rock), SDTS issued $110.0 million aggregate principal amount of 6.47% per annum senior secured notes to The Prudential Insurance Company of America. Principal and interest on the senior secured notes is payable quarterly. On September 28, 2015, SDTS amended its note purchase agreements and related collateral agreements related to its senior secured notes in order to, among other things, modify the collateral requirements. The senior secured notes were previously collateralized by substantially all of the assets of, and TDC’s equity interests in, SDTS. After the amendment, the senior secured notes are secured by SDTS’s T&D assets, our leases, certain accounts and TDC’s equity interests in SDTS. On July 13, 2010, in connection with the acquisition of Cap Rock, TDC issued $25.0 million aggregate principal amount of 8.50% per annum senior secured notes to The Prudential Insurance Company of America and affiliates. Principal and interest on the senior secured notes are payable quarterly and the senior secured notes are collateralized by the equity interest of TDC and certain accounts of TDC on the same basis as with lenders under InfraREIT LP’s credit facility. SDTS and TDC are entitled to prepay amounts outstanding under the notes, subject to a prepayment penalty equal to the excess of the discounted value of the remaining scheduled payments with respect to such notes over the amount of the prepaid notes. The senior secured notes contain certain default triggers, including without limitation: failure to maintain compliance with financial and other covenants contained in the agreements, limitation on liens, investments and the incurrence of additional indebtedness. As of September 30, 2015 and December 31, 2014, SDTS and TDC were in compliance with all debt covenants under these agreements. Senior Secured Credit Facilities - On June 20, 2011, SPLLC entered into a construction term loan agreement consisting of a $667.0 million construction term loan, reduced to $447.0 million on March 8, 2013, syndicated broadly to a group of 14 international banks, and $60.0 million in fixed rate notes issued to The Prudential Insurance Company of America and affiliates. The senior secured credit facility is collateralized by SPLLC’s assets and SDTS’s equity interest in SPLLC. The $447.0 million construction term loan accrued interest at LIBOR plus 2.00%. LIBOR reset at each selected interest period (one, two, three or six months), at SPLLC’s discretion, at the current market rate. The outstanding borrowings under the construction term loan at December 31, 2013 was $396.0 million. On May 16, 2014, the construction term loan outstanding was converted into a term loan with a balance of $407.0 million. After this conversion, interest accrues at LIBOR plus 2.25% for a period of three years, at which point the interest rate will increase to LIBOR plus 2.50%. Interest under the term loan is payable the last day of the selected interest period for interest periods of three months or less, and every three months for interest periods greater than three months. Amortized principal amounts of the term loan are payable quarterly after the conversion. Interest is payable quarterly on the $60.0 million fixed rate notes with the full principal balance due at maturity. The term loan agreement and fixed rate notes contain certain default triggers, including without limitation: failure to maintain compliance with financial and other covenants contained in the agreements, limitation on liens, investments and the incurrence of additional indebtedness. SPLLC was in compliance with all debt covenants for the term loan and fixed rate notes as of September 30, 2015 and December 31, 2014.

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2015
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Instruments	10 . Derivative Instruments Interest – During 2011, SPLLC entered into an interest rate swap agreement designated as a cash flow hedge against variable interest rate exposure on a portion of the construction term loan which established a fixed rate on the LIBOR interest rates specified in the SPLLC construction term loan at 0.832% per annum until June 30, 2014. Notional amounts reset on a monthly basis and did not exceed $261.0 million at any given time. There were no notional amounts as of September 30, 2014 as this swap agreement terminated on June 30, 2014. We have not entered into any new derivative instruments since the termination of this swap agreement. This cash flow hedging instrument was recorded as a liability in the Consolidated Balance Sheets at fair value, with an offset to accumulated other comprehensive income to the extent the cash flow hedging instrument was effective. The cash flow hedging instrument gains and losses included in other comprehensive income were reclassified into earnings as the underlying transaction occurred. There was no cash flow hedging instrument ineffectiveness recorded for this swap agreement. We reclassified $0.9 million, included in other comprehensive income, during the nine months ended September 30, 2014 to interest expense, net on the Consolidated Statements of Operations. We did not reclassify any amounts related to the swap agreement to interest expense, net during the three months ended September 30, 2014.

Contingent Consideration

Contingent Consideration	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Contingent Consideration	11 . Contingent Consideration In connection with our acquisition of InfraREIT LP in 2010, we agreed to contingent consideration in the form of future deemed capital credits in an amount up to $82.5 million to Hunt-InfraREIT. The capital account credits, which were generated pro rata with our cash expenditures on the CREZ Project up to $737.0 million, were issued to Hunt-InfraREIT in the form of Class A OP Units at the agreed upon deemed issue price of $10.65 per unit on the first day of each quarter following the actual expenditures. The future deemed capital credits were determined to be contingent consideration and were assessed a fair value of $78.6 million at the date of acquisition and included as a component of long-term liabilities in the Consolidated Balance Sheets. As of December 31, 2014, InfraREIT LP had issued, as described above, approximately 6.7 million of Class A OP Units to Hunt-InfraREIT. During the first quarter of 2015, the following transactions occurred: · On January 1, 2015, InfraREIT LP issued 53,246 Class A OP Units to Hunt-InfraREIT. · On February 4, 2015, in connection with the Reorganization, InfraREIT LP issued Hunt-InfraREIT 983,418 Common OP Units in full settlement of InfraREIT LP’s contingent consideration obligation. We recognized $0.2 million and $1.1 million as expense due to changes in fair value of our contingent consideration in accordance with the acquisition agreement during the three and nine months ended September 30, 2014, respectively. This expense was recorded as part of other (expense) income, net on the Consolidated Statements of Operations. There was no expense recorded during the three and nine months ended September 30, 2015 related to our contingent consideration. As of December 31, 2014, $27.4 million was recorded as a current liability in the form of contingent consideration in the Consolidated Balance Sheets. As of September 30, 2015, no such liability was recorded as the contingent consideration was fully settled.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	12. Fair Value of Financial Instruments The carrying amounts of our cash and cash equivalents, restricted cash, due from affiliates and accounts payable approximate fair value due to the short-term nature of these assets and liabilities. Our derivative contracts consisted of cash flow hedging instruments which are not traded on a public exchange. The fair values of the cash flow hedging instrument contracts were determined using discounted cash flow techniques. The techniques incorporated Level 2 inputs and quotes from the counterparty to the interest rate swap contract. These market inputs were utilized in a discounted cash flow calculation considering the cash flow hedging instrument term, credit risk, notional amount and discount rate and were classified as Level 2 in the fair value hierarchy. As of September 30, 2015 and December 31, 2014, we had $388.7 million and $397.8 million, respectively, of borrowings under the construction term loan which accrued interest under floating interest rate structures. Accordingly, the carrying value of such indebtedness approximated fair value for the amounts outstanding. We also had borrowings totaling $226.7 million and $231.9 million under senior secured notes with a weighted average interest rate of 6.41% and 6.43% per annum as of September 30, 2015 and December 31, 2014, respectively. The fair value of these borrowings is estimated using discounted cash flow analysis based on current market rates. We assessed the fair market value of our contingent consideration associated with the acquisition of InfraREIT LP using observable Level 2 inputs at December 31, 2014. Financial instruments, measured at fair value, by level within the fair value hierarchy were as follows: Carrying Fair Value (In thousands) Value Level 1 Level 2 Level 3 September 30, 2015 Long-term debt $ 615,367 $ — $ 646,893 $ — December 31, 2014 Long-term debt $ 629,756 $ — $ 658,306 $ — Contingent consideration - long-term 27,378 — 27,378 —

Regulatory Liability

Regulatory Liability	9 Months Ended
	Sep. 30, 2015
Regulatory Assets And Liabilities Disclosure [Abstract]
Regulatory Liability	13. Regulatory Liability Our regulatory liability is established through our depreciation rates related to cost of removal and represents amounts that we expect to incur in the future. As of September 30, 2015 and December 31, 2014, we recorded on the Consolidated Balance Sheets as a long-term liability $8.5 million and $1.2 million, respectively, net of actual removal costs incurred.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	1 4 . Commitments and Contingencies The amounts reported as regulatory assets as of September 30, 2015 and December 31, 2014 are subject to the review by the PUCT and as with all utility assets may change at a later date based on that review, see Note 7, Deferred Assets and Other Regulatory Assets, net We are not a party to any legal proceedings other than legal proceedings arising in the ordinary course of business. We do not believe the resolution of these proceedings, individually or in the aggregate, will have a material impact on our business, financial condition or results of operations, liquidity and cash flows.

Equity

Equity	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Equity	15. Equity On January 12, 2015, InfraREIT, Inc. amended its charter to increase the number of authorized common shares from 3,000 to 450,000,000. In addition, the par value of our common stock was reduced from $1 per share to $0.01 per share. Both the authorized number of shares of common stock and the par value were unaffected by the Merger or Reorganization. On September 3, 2015, our board of directors approved a cash distribution by the Operating Partnership to all unit holders of record, including InfraREIT, Inc., on September 30, 2015 of $0.225 per unit for a total distribution of $13.6 million ($9.8 million to InfraREIT, Inc.). Also, on September 3, 2015, our board of directors approved a cash dividend to shareholders of record on September 30, 2015 of $0.225 per share for a total of $9.8 million. The cash distribution and cash dividend were paid on October 22, 2015. On June 5, 2015, our board of directors approved a cash distribution by the Operating Partnership to all unit holders of record, including InfraREIT, Inc., on June 30, 2015 of $0.225 per unit for a total distribution of $13.6 million ($9.8 million to InfraREIT, Inc.). Also, on June 5, 2015, our board of directors approved a cash dividend to shareholders of record on June 30, 2015 of $0.225 per share for a total of $9.8 million. The cash distribution and cash dividend were paid on July 23, 2015. On March 6, 2015, our board of directors approved a cash distribution by the Operating Partnership to all unit holders of record, including InfraREIT, Inc., on March 31, 2015 of $0.14 per unit for a total distribution of $8.5 million ($6.1 million to InfraREIT, Inc.). Also, on March 6, 2015, our board of directors approved a cash dividend to shareholders of record on March 31, 2015 of $0.14 per share for a total of $6.1 million. The cash distribution and cash dividend were paid on April 23, 2015. On January 13, 2015, InfraREIT, L.L.C.’s board of directors approved a cash distribution by the Operating Partnership to all unit holders of record, including InfraREIT, L.L.C., on January 20, 2015 of $0.26 per unit for a total distribution of $11.7 million ($9.0 million to InfraREIT, L.L.C.). Also, on January 13, 2015, InfraREIT, L.L.C.’s board of directors approved a cash dividend to shareholders of record on January 20, 2015 of $0.26 per share for a total of $9.0 million. The cash distribution and cash dividend were paid on January 29, 2015. On December 18, 2014, InfraREIT, L.L.C.’s board of directors approved a cash distribution by the Operating Partnership to all unit holders of record, including InfraREIT, L.L.C., on December 18, 2014 of $0.31 per unit for a total distribution of $14.1 million ($10.8 million to InfraREIT, L.L.C.). Also on December 18, 2014, InfraREIT, L.L.C.’s board of directors approved a cash dividend to shareholders of record on December 18, 2014 of $0.31 per share for a total of $10.8 million. The cash distribution and cash dividend were paid on January 16, 2015. For federal income tax purposes, this dividend was classified as ordinary income.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
	Sep. 30, 2015
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]
Accumulated Other Comprehensive Loss	16. Accumulated Other Comprehensive Loss There were no changes in accumulated other comprehensive loss for the three and nine months ended September 30, 2015 or the three months ended September 30, 2014. Changes in accumulated other comprehensive loss for the nine months ended September 30, 2014 associated with the interest rate swap designated as a cash flow hedge were as follows: (In thousands) Accumulated Other Comprehensive Loss Attributable to InfraREIT, Inc. Accumulated Other Comprehensive Loss Attributable to Noncontrolling Interest Total Accumulated Other Comprehensive Loss Nine Months Ended September 30, 2014 Other comprehensive loss before reclassifications $ (77 ) $ 28 $ (49 ) Amounts reclassified from accumulated other comprehensive loss 687 206 893 Net period other comprehensive loss $ 610 $ 234 $ 844

Noncontrolling Interest

Noncontrolling Interest	9 Months Ended
	Sep. 30, 2015
Noncontrolling Interest [Abstract]
Noncontrolling Interest	17. Noncontrolling Interest We present as a noncontrolling interest the portion of any equity in entities that we control and consolidate but do not own. Generally, Common OP Units participate in net income allocations and distributions and entitle their holder the right, subject to the terms set forth in the partnership agreement, to require the Operating Partnership to redeem all or a portion of the Common OP Units held by such limited partner. At our option, we may satisfy this redemption with cash or by exchanging shares of InfraREIT, Inc. common stock on a one-for-one basis. Prior to the cancellation of all outstanding Class A OP Units, these units also participated in net income allocations and distributions and had the same redemption rights. As of September 30, 2015 and December 31, 2014, there were a total of 17.0 million and 10.7 million OP Units, respectively, held by the limited partners of the Operating Partnership. On May 1, 2014, the limited partnership agreement of InfraREIT LP was amended in order to incorporate a long-term incentive plan and InfraREIT LP issued related OP Units (pre-IPO LTIP Units) to independent non-voting members of the InfraREIT, L.L.C. board of directors as part of their compensation, which were fully vested upon grant. During the first quarter of 2015, an aggregate of 28,000 LTIP Units were issued by the Operating Partnership to seven of our directors which included a one year vesting period. We recognized $0.2 million and $0.5 million of compensation expense as general and administrative expense in the Consolidated Statements of Operations during the three and nine months ended September 30, 2015, respectively. During May 2014, 11,264 pre-IPO LTIP Units were issued with an aggregate value of $0.1 million with $0.1 million of compensation expense recognized as general and administrative expense during the nine months ended September 30, 2014. There was no compensation expense recognized during the three months ended September 30, 2014. We follow the guidance issued by the FASB regarding the classification and measurement of redeemable securities. Accordingly, we have determined that the Common OP Units meet the requirements to be classified as permanent equity. During the nine months ended September 30, 2015, we did not redeem any OP Units other than, in connection with the Reorganization: (i) 1,551,878 Class A OP Units held by Hunt-InfraREIT, which were exchanged with InfraREIT, Inc. for 1,551,878 shares of common stock of InfraREIT, Inc. and (ii) 6,242,999 Class A OP Units in exchange for the assignment of a promissory note in the principal amount of $66.5 million. The Operating Partnership did not redeem any OP Units during the nine months ended September 30, 2014.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share	18. Earnings Per Share Basic earnings per share is calculated by dividing net earnings after noncontrolling interest by the weighted average shares outstanding. Diluted earnings per share is calculated similarly, except that it includes the dilutive effect of the assumed redemption of OP Units for shares of common stock of InfraREIT, Inc. or common shares of InfraREIT, L.L.C., as applicable, if such redemption were dilutive. The redemption of OP Units would have been anti-dilutive during the three and nine months ended September 30, 2015 and 2014. Earnings per share are calculated as follows: Three Months Ended September 30, Nine Months Ended September 30, (In thousands, except per share data) 2015 2014 2015 2014 Basic net income per share: Net income (loss) attributable to InfraREIT, Inc. $ 13,972 $ 11,894 $ (6,539 ) $ 19,974 Weighted average common shares outstanding 43,565 35,053 42,787 35,053 Basic net income (loss) per share $ 0.32 $ 0.34 $ (0.15 ) $ 0.57 Diluted net income per share: Net income (loss) attributable to InfraREIT, Inc. $ 13,972 $ 11,894 $ (6,539 ) $ 19,974 Weighted average common shares outstanding 43,565 35,053 42,787 35,053 Redemption of operating partnership units — — — — Weighted average dilutive shares outstanding 43,565 35,053 42,787 35,053 Diluted net income (loss) per share $ 0.32 $ 0.34 $ (0.15 ) $ 0.57 Due to the anti-dilutive effect, the computation of diluted earnings per share does not reflect the following adjustments: Net income (loss) attributable to noncontrolling interest $ 5,458 $ 3,621 $ (1,061 ) $ 6,046 Redemption of operating partnership units 17,028 10,656 15,964 10,546

Leases

Leases	9 Months Ended
	Sep. 30, 2015
Leases [Abstract]
Leases	19. Leases The following table shows the composition of our lease revenue: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2015 2014 2015 2014 Base rent (straight-line) $ 31,253 $ 27,020 $ 90,083 $ 76,399 Percentage rent 10,199 12,289 10,199 12,972 Total lease revenue $ 41,452 $ 39,309 $ 100,282 $ 89,371 SDTS and SPLLC have entered into various leases with Sharyland for all of our placed in service T&D assets. The master lease agreements, as amended, expire at various dates from December 31, 2015 through December 31, 2022. Each agreement includes annual base rent while all but one agreement includes additional percentage rent (based on an agreed upon percentage of the gross revenue of Sharyland, as defined in the lease agreements, in excess of annual specified breakpoints). The rate used for percentage rent varies by lease and ranges from a high of 37% to a low of 23% over the term of the agreements. Because an annual specified breakpoint must be met under our leases before we can recognize any percentage rent, we anticipate our revenue will grow over the year with little to no percentage rent recognized in the first and second quarters of each year with the largest amounts recognized during the third and fourth quarters of each year.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
	Sep. 30, 2015
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	20. Supplemental Cash Flow Information Supplemental cash flow information and non-cash investing and financing activities are as follows: Nine Months Ended September 30, (In thousands) 2015 2014 Supplemental cash flow information Cash paid during the period for interest $ 20,022 $ 22,367 Cash paid during the period for taxes — 75 Non-cash investing and financing activities Non-cash right of way additions to electric plant — 337 Change in accrued additions to electric plant 4,387 31,421 Allowance for funds used during construction - debt 1,312 1,197 Net non-cash equity issuances related to the Merger and Reorganization 97,193 — Net non-cash noncontrolling equity issuances related to the Merger and Reorganization 119,607 — Non-cash noncontrolling interests equity issuance 755 4,590 Dividends and distributions payable 13,634 —

Description of Business and P28

Description of Business and Presentation of Financial Statements (Policies)	9 Months Ended
	Sep. 30, 2015
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Description of Business	Description of Business We are the owners of electric transmission and distribution assets (T&D assets) located in the Texas Panhandle near Amarillo (Panhandle assets), the Permian Basin in and around Stanton, Central Texas around Brady, Northeast Texas in and around Celeste (S/B/C assets) and South Texas near McAllen (McAllen assets). InfraREIT, L.L.C. elected to be treated as a real estate investment trust (REIT) for U.S. federal income tax purposes commencing with the taxable year ended December 31, 2010, and InfraREIT, Inc. will elect to be taxed as a REIT commencing with the taxable year ending December 31, 2015. We are externally managed and advised by Hunt Utility Services, LLC (Hunt Manager), which is responsible for overseeing our day-to-day affairs, subject to the oversight of our board of directors.
Initial Public Offering and Reorganization	Initial Public Offering and Reorganization We completed our IPO on February 4, 2015, issuing 23,000,000 shares of common stock at a price of $23.00, resulting in gross proceeds of $529.0 million. Immediately after the closing of our IPO, we completed the Merger, with InfraREIT, L.L.C. merging with and into InfraREIT, Inc., and InfraREIT, Inc. as the surviving entity and general partner of the Operating Partnership. InfraREIT, Inc. used $172.4 million of the net proceeds from the IPO to fund the cash portion of the consideration issued in the Merger, as described in greater detail below. We contributed the remaining $323.2 million to the Operating Partnership in exchange for common OP Units (Common OP Units). The Operating Partnership used the net proceeds from the IPO that it received from InfraREIT, Inc.: · to repay an aggregate of $1.0 million of indebtedness to HCI; · to repay an aggregate of $72.0 million of indebtedness outstanding under the Operating Partnership’s revolving credit facility and $150.0 million of indebtedness outstanding under Sharyland Distribution & Transmission Services, L.L.C.’s (SDTS) revolving credit facility; · to pay offering expenses (other than the underwriting discounts and commissions and the underwriter structuring fee) of $6.3 million; and · for general corporate purposes. The following bullets describe the Merger and related transactions we effected in the first quarter of 2015 (collectively, the Reorganization). · On January 29, 2015, the Operating Partnership effected a reverse unit split whereby each holder of OP Units received 0.938550 OP Units of the same class in exchange for each such unit it held immediately prior to such time, which is referred to as the unit split. Also, on January 29, 2015, InfraREIT, L.L.C. effected a reverse share split whereby each holder of shares received 0.938550 shares of the same class in exchange for each such share it held immediately prior to such time, which is referred to as the share split. All references to unit, share, per unit and per share amounts in these unaudited consolidated financial statements and related disclosures have been adjusted to reflect the reverse share split and reverse unit split for all periods presented. · On January 29, 2015, InfraREIT, Inc. issued 1,700,000 shares of common stock to Hunt-InfraREIT, L.L.C. (Hunt-InfraREIT) as a non-cash reorganization advisory fee in accordance with the structuring fee agreement, resulting in our recognition of a $44.9 million non-cash expense in the first quarter of 2015. · On February 4, 2015, the Operating Partnership issued 1,700,000 OP Units to InfraREIT, Inc. in respect of the structuring fee issuance of 1,700,000 shares of InfraREIT, Inc. common stock described immediately above. · On February 4, 2015, the Operating Partnership issued an aggregate of 28,000 of its profit interest partnership units (LTIP Units) to seven of our directors. · On February 4, 2015, the Operating Partnership issued 983,814 Common OP Units to Hunt-InfraREIT in settlement of the Operating Partnership’s obligation to issue OP Units to Hunt-InfraREIT related to the construction of transmission assets in the Texas Panhandle and Southern Plains (CREZ Project). · On February 4, 2015, the Operating Partnership issued Hunt-InfraREIT 1,167,287 Common OP Units as an accelerated payment of a portion of the carried interest agreed to in 2010 in connection with the organization of InfraREIT, L.L.C. To effect the shift in ownership from the pre-IPO investors to Hunt-InfraREIT, an equal number of OP Units held by InfraREIT, L.L.C. in the Operating Partnership were canceled at the same time. · On February 4, 2015, as a result of the Merger, (1) holders of 8,000,000 common shares of InfraREIT, L.L.C. received $21.551 per common share, which was equal to the IPO price less the underwriting discounts and commissions and an underwriting structure fee, (2) holders of the remaining 19,617,755 common shares of InfraREIT, L.L.C. received 19,617,755 shares of InfraREIT, Inc. Class A common stock and (3) holders of 25,145 Class C shares of InfraREIT, L.L.C. received 25,145 shares of InfraREIT, Inc. Class C common stock. · Marubeni, John Hancock Life Insurance Company (U.S.A), Teachers Insurance and Annuity Association of America, OpTrust Infrastructure N.A. Inc. (OpTrust) (collectively, founding investors) each received both cash and stock consideration in the Merger, and all other pre-IPO investors received shares of InfraREIT, Inc. Class A common stock or Class C common stock in the Merger. InfraREIT, L.L.C. gave each other holder of its common shares the opportunity to receive cash consideration in the Merger, and each such holder elected (or was deemed to have elected) to receive shares of Class A common stock under the merger agreement. All holders of InfraREIT, L.L.C.’s Class C common shares, as a separate class, received shares of Class C common stock pursuant to the merger agreement. · On February 4, 2015, InfraREIT, Inc. contributed $323.2 million to the Operating Partnership in exchange for 15,000,000 Common OP Units. · On February 4, 2015, InfraREIT, Inc. issued 1,551,878 shares of common stock to Hunt-InfraREIT in exchange for 1,551,878 OP Units tendered for redemption by Hunt-InfraREIT in accordance with a redemption agreement. · On February 4, 2015, InfraREIT, Inc. purchased 6,242,999 common shares in consideration for the issuance of a promissory note to Westwood Trust in the principal amount of $66.5 million. · Westwood Trust immediately transferred the promissory note to MC Transmission, and, immediately following receipt of the promissory note, MC Transmission purchased 3,325,874 Common OP Units from the Operating Partnership in consideration for the assignment of the promissory note. The promissory note was then transferred to InfraREIT, Inc. in exchange for the redemption of 6,242,999 OP Units held by InfraREIT, Inc. and the subsequent cancellation of such promissory note, resulting in no cash consideration being paid or received pursuant to the purchase from Westwood Trust or the sale of Common OP Units to MC Transmission. · On March 9, 2015, the Operating Partnership issued 2,329,283 Common OP Units to Hunt-InfraREIT, and InfraREIT, Inc. canceled an equal number of shares of Class A common stock and Class C common stock. Each remaining share of Class A common stock and Class C common stock then converted to common stock on a one-for-one basis. This issuance settled InfraREIT, L.L.C.’s pre-IPO investors carried interest obligation agreed to by Hunt-InfraREIT under the investment documents entered into by the parties in 2010. · On March 9, 2015, the 11,264 long-term incentive plan units issued to two of InfraREIT, L.L.C.’s non-voting directors in May 2014 converted on a one-to-one basis to Common OP Units.
Limited Partnership Agreement	Limited Partnership Agreement In connection with the Reorganization, we adopted a Second Amended and Restated Limited Partnership Agreement which became effective with the closing of our IPO. Upon completion of the IPO, the Operating Partnership had five types of OP Units outstanding: Common OP Units, Class A OP Units, Class B OP Units, Class C OP Units and LTIP Units. On March 9, 2015, the Operating Partnership issued Common OP Units in exchange for outstanding Class A OP Units and Class C OP Units. Such Common OP Units were allocated among the holders of Class A OP Units and Class C OP Units, and the Class A OP Units, Class B OP Units and Class C OP Units were canceled. Following such allocation, we adopted a Third Amended and Restated Limited Partnership Agreement that eliminated the provisions related to the Reorganization and the description of the Class A OP Units, Class B OP Units and Class C OP Units; however, it continues to allow amendments to authorize and issue additional classes of OP Units in the future.
Basis of Presentation	Basis of Presentation The accompanying unaudited interim consolidated financial statements of InfraREIT, Inc. include our accounts and the accounts of all other entities in which we have a controlling financial interest with noncontrolling interest of consolidated subsidiaries reported separately. This Quarterly Report on Form 10-Q presents the operating results of InfraREIT, L.L.C. for the three and nine months ended September 30, 2014 and the InfraREIT, L.L.C. balance sheet as of December 31, 2014. Our operating results for the three and nine months ended September 30, 2015 reflect the operations of InfraREIT, L.L.C. prior to the effectiveness of the Merger, and the operations of InfraREIT, Inc. for the period from the Merger through September 30, 2015, and our balance sheet as of September 30, 2015 is the balance sheet of InfraREIT, Inc. These unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. The Consolidated Balance Sheet at December 31, 2014 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. For further information, refer to the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014, filed with the Securities and Exchange Commission on March 18, 2015.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In February 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2015-02, Consolidation (Topic 810) – Amendments to the Consolidation Analysis In April 2015, the FASB issued ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30), Simplifying the Presentation of Debt Issuance Costs In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805), Simplifying the Accounting for Measurement-Period Adjustments

Prepaids and Other Current As29

Prepaids and Other Current Assets (Tables)	9 Months Ended
	Sep. 30, 2015
Prepaid Expense And Other Assets Current [Abstract]
Schedule Of Prepaid Expenses And Other Current Assets	Prepaids and other current assets are as follows: (In thousands) September 30, 2015 December 31, 2014 Offering costs $ — $ 4,397 Prepaid insurance 469 249 Other 388 251 Total prepaids and other current assets $ 857 $ 4,897

Electric Plant and Depreciati30

Electric Plant and Depreciation (Tables)	9 Months Ended
	Sep. 30, 2015
Public Utilities Property Plant And Equipment [Abstract]
Schedule of Major Classes of Electric Plant	The major classes of electric plant are as follows: (In thousands) September 30, 2015 December 31, 2014 Electric plant: Transmission plant $ 1,073,862 $ 966,560 Distribution plant 439,098 387,329 General plant 15,617 15,018 Total plant in service 1,528,577 1,368,907 CWIP 85,649 41,222 Total electric plant 1,614,226 1,410,129 Accumulated depreciation (244,726 ) (220,101 ) Electric plant held for future use — 37,118 Electric plant, net $ 1,369,500 $ 1,227,146

Deferred Assets and Other Reg31

Deferred Assets and Other Regulatory Assets (Tables)	9 Months Ended
	Sep. 30, 2015
Deferred Finance Costs And Other Regulatory Assets Net [Abstract]
Summary of Deferred Assets and Other Regulatory Assets, Net	Deferred assets and other regulatory assets, net are as follows: September 30, 2015 December 31, 2014 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Deferred financing costs $ 1,292 $ (312 ) $ 980 $ 1,290 $ (143 ) $ 1,147 Other regulatory assets: Deferred financing costs 26,180 (14,960 ) 11,220 25,701 (12,693 ) 13,008 Deferred costs recoverable in future years 23,793 — 23,793 23,793 — 23,793 Deferred financing costs and other regulatory assets, net $ 51,265 $ (15,272 ) $ 35,993 $ 50,784 $ (12,836 ) $ 37,948

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Instruments [Abstract]
Components of Long-Term Debt	Long-term debt consisted of the following: September 30, 2015 December 31, 2014 (In thousands) Current Maturity Date Amount Outstanding Interest Rate Amount Outstanding Interest Rate Senior secured notes - $53.5 million December 30, 2029 $ 44,969 7.25% $ 46,291 7.25% Senior secured notes - $110.0 million September 30, 2030 102,650 6.47% 105,622 6.47% Senior secured notes - $25.0 million December 30, 2020 19,063 8.50% 20,000 8.50% Senior secured notes - $60.0 million June 20, 2018 60,000 5.04% 60,000 5.04% Senior secured credit facilities - $407.0 million June 20, 2018 388,685 2.45%* 397,843 2.42%* Total long-term debt 615,367 629,756 Less current portion of long-term debt (19,531 ) (19,234 ) Debt classified as long-term debt $ 595,836 $ 610,522 * Interest based on LIBOR at September 30, 2015 and December 31, 2014, respectively, plus an applicable margin.

Fair Value of Financial Instr33

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Financial Instruments Measured at Fair Value	Financial instruments, measured at fair value, by level within the fair value hierarchy were as follows: Carrying Fair Value (In thousands) Value Level 1 Level 2 Level 3 September 30, 2015 Long-term debt $ 615,367 $ — $ 646,893 $ — December 31, 2014 Long-term debt $ 629,756 $ — $ 658,306 $ — Contingent consideration - long-term 27,378 — 27,378 —

Accumulated Other Comprehensi34

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Sep. 30, 2015
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]
Changes in Accumulated Other Comprehensive Loss Associated with the Interest Rate Swap Designated as Cash Flow Hedge	There were no changes in accumulated other comprehensive loss for the three and nine months ended September 30, 2015 or the three months ended September 30, 2014. Changes in accumulated other comprehensive loss for the nine months ended September 30, 2014 associated with the interest rate swap designated as a cash flow hedge were as follows: (In thousands) Accumulated Other Comprehensive Loss Attributable to InfraREIT, Inc. Accumulated Other Comprehensive Loss Attributable to Noncontrolling Interest Total Accumulated Other Comprehensive Loss Nine Months Ended September 30, 2014 Other comprehensive loss before reclassifications $ (77 ) $ 28 $ (49 ) Amounts reclassified from accumulated other comprehensive loss 687 206 893 Net period other comprehensive loss $ 610 $ 234 $ 844

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Computation of Earnings Per Share	Earnings per share are calculated as follows: Three Months Ended September 30, Nine Months Ended September 30, (In thousands, except per share data) 2015 2014 2015 2014 Basic net income per share: Net income (loss) attributable to InfraREIT, Inc. $ 13,972 $ 11,894 $ (6,539 ) $ 19,974 Weighted average common shares outstanding 43,565 35,053 42,787 35,053 Basic net income (loss) per share $ 0.32 $ 0.34 $ (0.15 ) $ 0.57 Diluted net income per share: Net income (loss) attributable to InfraREIT, Inc. $ 13,972 $ 11,894 $ (6,539 ) $ 19,974 Weighted average common shares outstanding 43,565 35,053 42,787 35,053 Redemption of operating partnership units — — — — Weighted average dilutive shares outstanding 43,565 35,053 42,787 35,053 Diluted net income (loss) per share $ 0.32 $ 0.34 $ (0.15 ) $ 0.57 Due to the anti-dilutive effect, the computation of diluted earnings per share does not reflect the following adjustments: Net income (loss) attributable to noncontrolling interest $ 5,458 $ 3,621 $ (1,061 ) $ 6,046 Redemption of operating partnership units 17,028 10,656 15,964 10,546

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2015
Leases [Abstract]
Schedule of Composition of Lease Revenue	The following table shows the composition of our lease revenue: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2015 2014 2015 2014 Base rent (straight-line) $ 31,253 $ 27,020 $ 90,083 $ 76,399 Percentage rent 10,199 12,289 10,199 12,972 Total lease revenue $ 41,452 $ 39,309 $ 100,282 $ 89,371

Supplemental Cash Flow Inform37

Supplemental Cash Flow Information(Tables)	9 Months Ended
	Sep. 30, 2015
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information and Non-cash Investing and Financing Activities	Supplemental cash flow information and non-cash investing and financing activities are as follows: Nine Months Ended September 30, (In thousands) 2015 2014 Supplemental cash flow information Cash paid during the period for interest $ 20,022 $ 22,367 Cash paid during the period for taxes — 75 Non-cash investing and financing activities Non-cash right of way additions to electric plant — 337 Change in accrued additions to electric plant 4,387 31,421 Allowance for funds used during construction - debt 1,312 1,197 Net non-cash equity issuances related to the Merger and Reorganization 97,193 — Net non-cash noncontrolling equity issuances related to the Merger and Reorganization 119,607 — Non-cash noncontrolling interests equity issuance 755 4,590 Dividends and distributions payable 13,634 —

Description of Business and P38

Description of Business and Presentation of Financial Statements - Additional Information (Details) $ / shares in Units, $ in Thousands	Mar. 09, 2015shares	Feb. 04, 2015USD ($)Director$ / sharesshares	Feb. 28, 2015USD ($)	Mar. 31, 2015USD ($)	Sep. 30, 2015USD ($)shares	Jan. 29, 2015shares	Dec. 31, 2014USD ($)shares
Description Of Business And Presentation Of Financial Statements [Line Items]
Business combination, assets assumed, marketable securities | $					$ 1,100
Business combination, liabilities assumed, notes payable | $					1,000
Proceeds from sale of marketable securities | $					1,065
Realized gain on sale of marketable securities | $					$ 66
Percentage of partnership units outstanding					71.90%
Common stock, shares issued under IPO					43,565,495
Net proceeds from issuance of common stock upon initial public offering | $		$ 172,400			$ 493,722
Contributed to the operating partnership | $		$ 323,200
Offering expenses | $					6,300		$ 4,397
Non-cash expense | $					44,897
Number of directors | Director		7
Members capital, shares issued							35,053,186
Westwood Trust
Description Of Business And Presentation Of Financial Statements [Line Items]
Shares purchased consideration for promissory note		6,242,999
Principal amount of shares purchased consideration for promissory note | $		$ 66,500
Common Class A
Description Of Business And Presentation Of Financial Statements [Line Items]
Common shares received		19,617,755
Common Class C
Description Of Business And Presentation Of Financial Statements [Line Items]
Common shares received		25,145
LTIP Units
Description Of Business And Presentation Of Financial Statements [Line Items]
Operating partnership issued		28,000
Revolving Credit Facility
Description Of Business And Presentation Of Financial Statements [Line Items]
Repayments of outstanding revolving credit facility | $					72,000
Sharyland Distribution & Transmission Services | Revolving Credit Facility
Description Of Business And Presentation Of Financial Statements [Line Items]
Repayments of outstanding revolving credit facility | $					$ 150,000
InfraREIT, L.L.C.
Description Of Business And Presentation Of Financial Statements [Line Items]
Common stock, shares issued under IPO		1,700,000
Common stock sold under IPO, per share | $ / shares		$ 21.551
Contributed to the operating partnership | $		$ 323,200
Partners capital received		8,000,000
Members capital, shares issued		15,000,000
Common stock conversion basis					one-for-one basis
InfraREIT, L.L.C. | Common Class A
Description Of Business And Presentation Of Financial Statements [Line Items]
Common shares received		19,617,755
InfraREIT, L.L.C. | Common Class C
Description Of Business And Presentation Of Financial Statements [Line Items]
Common shares received		25,145
InfraREIT, L.L.C. | LTIP Units
Description Of Business And Presentation Of Financial Statements [Line Items]
Common shares received	11,264
Common stock conversion basis					one-to-one basis
InfraREIT, L.L.C. | Operating Partnership Unit
Description Of Business And Presentation Of Financial Statements [Line Items]
Reverse share split						0.938550
Hunt-InfraREIT
Description Of Business And Presentation Of Financial Statements [Line Items]
Common stock, shares issued under IPO		1,551,878				1,700,000
Non-cash expense | $				$ 44,900
Operating partnership issued		1,167,287
Common shares received	2,329,283
Hunt-InfraREIT | CREZ Project
Description Of Business And Presentation Of Financial Statements [Line Items]
Operating partnership issued		983,814
Hunt-InfraREIT | Operating Partnership Unit
Description Of Business And Presentation Of Financial Statements [Line Items]
Common shares received		1,551,878
MC Transmission Holdings Inc. | Operating Partnership Unit
Description Of Business And Presentation Of Financial Statements [Line Items]
Shares purchased consideration for promissory note		3,325,874
Initial Public Offering
Description Of Business And Presentation Of Financial Statements [Line Items]
Common stock, shares issued under IPO		23,000,000
Common stock sold under IPO, per share | $ / shares		$ 23
Net proceeds from issuance of common stock upon initial public offering | $		$ 529,000
Offering expenses | $							$ 4,400
Hunt Consolidated Incorporation
Description Of Business And Presentation Of Financial Statements [Line Items]
Percentage of partnership units outstanding					28.10%
Repayments of related party debt | $			$ 1,000		$ 1,000

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Feb. 28, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Mar. 31, 2016	Mar. 31, 2015	Jan. 15, 2015	Jan. 01, 2015	Dec. 31, 2014	Nov. 20, 2014
Related Party Transaction [Line Items]
Due from affiliates		$ 21,647,000		$ 21,647,000						$ 27,822,000
Prepaid management fee		0		0						0
Accrued management fee		$ 0		0						$ 0
Members capital, shares issued										35,053,186
Secondment fees					$ 100,000
Total purchase price of assets sold										$ 41,211,000
Hunt Utility Services L L C
Related Party Transaction [Line Items]
Payment for management fee				9,100,000	7,500,000
Reimbursement of annual software license and maintenance fees				$ 300,000	200,000
Effective date of management agreement				Feb. 4, 2015
Management fee							$ 10,000,000
Management agreement expiration date				Dec. 31, 2019
Agreement successive renewal terms				5 years
Management fee, description				The base fee for each twelve month period beginning April 1 thereafter will equal 1.50% of our total equity as of December 31 of the immediately preceding year, subject to a $30.0 million cap
Investment management fee equity multiplier		1.50%		1.50%
Management fee cap		$ 30,000,000		$ 30,000,000
Hunt Utility Services L L C | Scenario, Forecast
Related Party Transaction [Line Items]
Management fee						$ 13,100,000
Hunt Consolidated, Inc. and affiliates | Cross Valley and GSEC
Related Party Transaction [Line Items]
Total purchase price of assets sold								$ 41,200,000
Sharyland
Related Party Transaction [Line Items]
Lease revenue from related party		41,500,000	$ 39,300,000	100,300,000	89,400,000
Deferred rent liability		13,500,000		13,500,000						5,000,000
Payments to acquire plant, and equipment				170,800,000	$ 148,400,000
Accounts payable and accrued liabilities		$ 11,900,000		$ 11,900,000						$ 16,100,000
Hunt-InfraREIT
Related Party Transaction [Line Items]
Percentage of capital expenditure agreed to issue upon operating partnership units				5.00%
Hunt-InfraREIT | Class A OP Units
Related Party Transaction [Line Items]
Shares issued price per share		$ 10.65		$ 10.65
Members capital, shares issued			102,927		102,927				17,600
Hunt And Affiliated Entity
Related Party Transaction [Line Items]
Aggregate legal fees				$ 5,000,000
Hunt Consolidated Incorporation
Related Party Transaction [Line Items]
Borrowings from related parties											$ 1,000,000
Accrued interest bearing note											2.50%
Interest bearing note, maturity date				Nov. 1, 2015
Interest bearing note, maturity date, description				This note and accrued interest were repaid in February 2015 with proceeds from our IPO for a total of $1.0 million
Repayments of related party debt	$ 1,000,000			$ 1,000,000

Assets Held for Sale - Addition

Assets Held for Sale - Additional Information (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014	Jan. 15, 2015
Income Statement Balance Sheet And Additional Disclosures Assets Held For Sale Not Part Of Disposal Group [Line Items]
Assets held for sale		$ 41,211,000
Depreciation		$ 0
Minimum Development Agreement Period	90 days
Cross Valley
Income Statement Balance Sheet And Additional Disclosures Assets Held For Sale Not Part Of Disposal Group [Line Items]
Assets held for sale			$ 34,200,000
GSEC
Income Statement Balance Sheet And Additional Disclosures Assets Held For Sale Not Part Of Disposal Group [Line Items]
Assets held for sale			$ 7,000,000

Prepaids and Other Current As41

Prepaids and Other Current Assets - Summary of Prepaids and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Prepaid Expense And Other Assets Current [Abstract]
Offering costs	$ 6,300	$ 4,397
Prepaid insurance	469	249
Other	388	251
Total prepaids and other current assets	$ 857	$ 4,897

Prepaids and Other Current As42

Prepaids and Other Current Assets - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Prepaid And Other Current Assets [Line Items]
Offering costs	$ 6,300	$ 4,397
Initial Public Offering
Prepaid And Other Current Assets [Line Items]
Aggregate offering costs	$ 6,300
Offering costs		$ 4,400

Electric Plant and Depreciati43

Electric Plant and Depreciation - Schedule of Major Classes of Electric Plant (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Electric plant:
Transmission plant	$ 1,073,862	$ 966,560
Distribution plant	439,098	387,329
General plant	15,617	15,018
Total plant in service	1,528,577	1,368,907
CWIP	85,649	41,222
Total electric plant	1,614,226	1,410,129
Accumulated depreciation	(244,726)	(220,101)
Electric plant held for future use		37,118
Electric plant, net	$ 1,369,500	$ 1,227,146

Electric Plant and Depreciati44

Electric Plant and Depreciation - Additional Information (Details) $ in Millions	Dec. 30, 2013Substationsmi	Sep. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Public Utility Property Plant And Equipment [Line Items]
Electric plant, net includes plant acquisition adjustments | $		$ 28.8	$ 28.7
Electric Plant Held For Future Use
Public Utility Property Plant And Equipment [Line Items]
Electric plant, transmission lines	66
Electric Plant Held For Future Use | Stanton
Public Utility Property Plant And Equipment [Line Items]
Number of substations | Substations	2

Goodwill (Details)

Goodwill (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill	$ 138,384	$ 138,384

Deferred Assets and Other Reg46

Deferred Assets and Other Regulatory Assets, Net - Additional Information (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014	Dec. 10, 2014
Deferred Finance Costs And Other Regulatory Assets Net [Line Items]
Issuance of aggregate principal amount	$ 25,000,000
Deferred costs recoverable in future years	23,793,000	$ 23,793,000
Sharyland Distribution & Transmission Services
Deferred Finance Costs And Other Regulatory Assets Net [Line Items]
Credit facility, maximum borrowing capacity	$ 230,000,000
Revolving Credit Facility | Sharyland Distribution & Transmission Services
Deferred Finance Costs And Other Regulatory Assets Net [Line Items]
Credit facility, maximum borrowing capacity			$ 250,000,000
Senior Notes
Deferred Finance Costs And Other Regulatory Assets Net [Line Items]
Long-term debt, stated interest rate	8.50%

Deferred Assets and Other Reg47

Deferred Assets and Other Regulatory Assets, Net - Summary of Deferred Assets and Other Regulatory Assets, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Deferred Finance Costs And Other Regulatory Assets Net [Abstract]
Deferred financing costs, Gross Carrying Amount	$ 1,292	$ 1,290
Other regulatory assets Deferred financing costs, Gross Carrying Amount	26,180	25,701
Deferred costs recoverable in future years	23,793	23,793
Deferred financing costs and other regulatory assets, Net Gross Carrying Amount	51,265	50,784
Deferred financing costs, Accumulated Amortization	(312)	(143)
Other regulatory assets Deferred financing costs, Accumulated Amortization	(14,960)	(12,693)
Deferred financing costs and other regulatory assets, Net Accumulated Amortization	(15,272)	(12,836)
Deferred financing costs, Net Carrying Amount	980	1,147
Other regulatory assets Deferred financing costs, Net Carrying Amount	11,220	13,008
Deferred costs recoverable in future years, Net Carrying Amount	23,793	23,793
Deferred financing costs and other regulatory assets, Net Carrying Amount	$ 35,993	$ 37,948

Borrowings Under Credit Facil48

Borrowings Under Credit Facilities - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014	Dec. 10, 2014	Jan. 03, 2014	Jun. 28, 2013
Line Of Credit Facility [Line Items]
Amount of revolving credit facility under agreement	$ 0	$ 57,000,000
Line of credit facility, remaining borrowing capacity	$ 75,000,000	$ 18,000,000
Revolving credit facility, interest rate description	a rate equal to (i) the one, two, three or six month London Interbank Offered Rate (LIBOR) plus 2.5%, or (ii) a base rate (equal to the highest of (A) the Federal Funds Rate plus ½ of 1%, (B) the Bank of America prime rate and (C) LIBOR plus 1%) plus 1.5%. Letters of credit are subject to a letter of credit fee equal to the daily amount available to be drawn times 2.5%.
Interest rate on credit facility		2.66%
SDTS Credit Agreements
Line Of Credit Facility [Line Items]
Amount of revolving credit facility under agreement	$ 20,000,000	$ 162,000,000
Revolving credit facility, interest rate description	a rate equal to either (1) a base rate, determined as the greatest of (A) the administrative agent’s prime rate, (B) the federal funds effective rate plus ½ of 1% and (C) LIBOR plus 1.00% per annum, plus a margin of either 0.75% or 1.00% per annum, depending on the total debt to capitalization ratio of SDTS on a consolidated basis or (2) LIBOR plus a margin of either 1.75% or 2.00% per annum
Interest rate on credit facility	4.00%	1.91%
Credit facility, maximum borrowing capacity	$ 230,000,000
SDTS Credit Agreements | Swingline Loans
Line Of Credit Facility [Line Items]
Line of credit facility, remaining borrowing capacity			$ 5,000,000
SDTS Credit Agreements | Letter Of Credit
Line Of Credit Facility [Line Items]
Amount of revolving credit facility under agreement	$ 0	$ 0
Revolving Credit Facility
Line Of Credit Facility [Line Items]
Amount of revolving credit facility under agreement				$ 130,000,000
Credit facility, maturity date	Mar. 31, 2015
Revolving Credit Facility | SDTS Credit Agreements
Line Of Credit Facility [Line Items]
Amount of revolving credit facility under agreement					$ 75,000,000
Credit facility, maturity date	Jun. 28, 2018
Line of credit facility, remaining borrowing capacity		$ 88,000,000	25,000,000
Credit facility, maximum borrowing capacity			250,000,000
Credit facility, extended maturity date	Dec. 10, 2019
New Revolving Credit Facility
Line Of Credit Facility [Line Items]
Amount of revolving credit facility under agreement			75,000,000
Credit facility, maturity date	Dec. 10, 2019
Line of credit facility, remaining borrowing capacity			$ 15,000,000

Long-Term Debt - Components of

Long-Term Debt - Components of Long-Term Debt (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Long-term debt, Amount Outstanding	$ 615,367	$ 629,756
Less current portion of long-term debt	(19,531)	(19,234)
Debt classified as long-term debt	$ 595,836	610,522
Senior Secured Notes, 7.25% [Member]
Debt Instrument [Line Items]
Interest bearing note, maturity date	Dec. 30, 2029
Long-term debt, Amount Outstanding	$ 44,969	$ 46,291
Long-term debt, Interest Rate	7.25%	7.25%
Senior Secured Notes, 6.47% [Member]
Debt Instrument [Line Items]
Interest bearing note, maturity date	Sep. 30, 2030
Long-term debt, Amount Outstanding	$ 102,650	$ 105,622
Long-term debt, Interest Rate	6.47%	6.47%
Senior Secured Notes, 8.50% [Member]
Debt Instrument [Line Items]
Interest bearing note, maturity date	Dec. 30, 2020
Long-term debt, Amount Outstanding	$ 19,063	$ 20,000
Long-term debt, Interest Rate	8.50%	8.50%
Senior Secured Notes, 5.04% [Member]
Debt Instrument [Line Items]
Interest bearing note, maturity date	Jun. 20, 2018
Long-term debt, Amount Outstanding	$ 60,000	$ 60,000
Long-term debt, Interest Rate	5.04%	5.04%
Senior Secured Credit Facilities, 2.42% [Member]
Debt Instrument [Line Items]
Interest bearing note, maturity date	Jun. 20, 2018
Long-term debt, Amount Outstanding	$ 388,685	$ 397,843
Long-term debt, Interest Rate	2.45%	2.42%

Long-Term Debt - Components o50

Long-Term Debt - Components of Long-Term Debt (Parenthetical) (Details) $ in Millions	Sep. 30, 2015USD ($)
Debt Instrument [Line Items]
Long-term debt, face amount	$ 25
Senior Secured Notes, 7.25% [Member]
Debt Instrument [Line Items]
Long-term debt, face amount	53.5
Senior Secured Notes, 6.47% [Member]
Debt Instrument [Line Items]
Long-term debt, face amount	110
Senior Secured Notes, 8.50% [Member]
Debt Instrument [Line Items]
Long-term debt, face amount	25
Senior Secured Notes, 5.04% [Member]
Debt Instrument [Line Items]
Long-term debt, face amount	60
Senior Secured Credit Facilities, 2.42% [Member]
Debt Instrument [Line Items]
Long-term debt, face amount	$ 407

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details) $ in Thousands	May. 16, 2014USD ($)	Mar. 08, 2013USD ($)Bank	Sep. 30, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Jun. 20, 2011USD ($)	Jul. 13, 2010USD ($)	Dec. 31, 2009USD ($)
Debt Instrument [Line Items]
Long-term debt, face amount			$ 25,000
Long-term debt, Amount Outstanding			615,367	$ 629,756
Senior Secured Notes, 7.25% [Member]
Debt Instrument [Line Items]
Long-term debt, face amount			$ 53,500
Long-term debt, stated interest rate			7.25%	7.25%
Long-term debt, Amount Outstanding			$ 44,969	$ 46,291
Senior Secured Notes, 6.47% [Member]
Debt Instrument [Line Items]
Long-term debt, face amount			$ 110,000
Long-term debt, stated interest rate			6.47%	6.47%
Long-term debt, Amount Outstanding			$ 102,650	$ 105,622
Senior Secured Notes, 8.50% [Member]
Debt Instrument [Line Items]
Long-term debt, face amount			$ 25,000
Long-term debt, stated interest rate			8.50%	8.50%
Long-term debt, Amount Outstanding			$ 19,063	$ 20,000
SDTS Credit Agreements | Senior Secured Notes, 7.25% [Member]
Debt Instrument [Line Items]
Long-term debt, face amount								$ 53,500
Long-term debt, stated interest rate								7.25%
SDTS Credit Agreements | Senior Secured Notes, 6.47% [Member]
Debt Instrument [Line Items]
Long-term debt, face amount							$ 110,000
Long-term debt, stated interest rate							6.47%
TDC [Member] | Senior Secured Notes, 8.50% [Member]
Debt Instrument [Line Items]
Long-term debt, face amount							$ 25,000
Long-term debt, stated interest rate							8.50%
Sharyland Projects, L.L.C [Member] | Senior Secured Credit Facilities [Member]
Debt Instrument [Line Items]
Long-term debt, face amount		$ 60,000
Construction-term loan		$ 447,000				$ 667,000
Number of banks, providing construction-term loan | Bank		14
Long-term debt, Amount Outstanding					$ 396,000
Construction term loan outstanding converted into term loan	$ 407,000
Sharyland Projects, L.L.C [Member] | Senior Secured Credit Facilities [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Interest rate			2.00%
Sharyland Projects, L.L.C [Member] | Senior Secured Credit Facilities [Member] | Period of Three Years [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Interest rate			2.25%
Sharyland Projects, L.L.C [Member] | Senior Secured Credit Facilities [Member] | Period After Three Years [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Interest rate			2.50%

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2015	Dec. 31, 2011
Swap Agreement
Derivative [Line Items]
Amount reclassified, interest expense	$ 0	$ 900,000
Sharyland Projects, L.L.C [Member]
Derivative [Line Items]
Term loan, fixed interest rate			0.832%
Derivative, notional amount	$ 0	$ 0
Sharyland Projects, L.L.C [Member] | Maximum [Member]
Derivative [Line Items]
Derivative, notional amount				$ 261,000,000

Contingent Consideration - Addi

Contingent Consideration - Additional Information (Details) - USD ($)	Feb. 04, 2015	Jan. 01, 2015	Dec. 31, 2010	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Business Acquisition [Line Items]
Change in fair value of contingent consideration				$ 0	$ 200,000	$ 0	$ 1,110,000
Contingent consideration				$ 0		$ 0		$ 27,378,000
CREZ Project
Business Acquisition [Line Items]
Business combination, contingent consideration, cash payments			$ 737,000,000
Business combination, contingent consideration, fair value			78,600,000
Hunt-InfraREIT
Business Acquisition [Line Items]
Business combination, contingent consideration, capital credits			$ 82,500,000
Hunt-InfraREIT | Operating Partnership Unit
Business Acquisition [Line Items]
Shares issued	983,418
Hunt-InfraREIT | Class A Partnership Units
Business Acquisition [Line Items]
Shares issued		53,246						6,700,000
Hunt-InfraREIT | CREZ Project | Class A Partnership Units
Business Acquisition [Line Items]
Shares issued price per share			$ 10.65

Fair Value of Financial Instr54

Fair Value of Financial Instruments - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Borrowings under construction term loan	$ 388,700	$ 397,800
Long-Term Debt	595,836	610,522
Senior Secured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-Term Debt	$ 226,700	$ 231,900
Debt Instrument, weighted average rate	6.41%	6.43%

Fair Value of Financial Instr55

Fair Value of Financial Instruments - Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Carrying Value
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Long-term debt	$ 615,367	$ 629,756
Contingent consideration - long-term		27,378
Level 2 | Fair Value
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Long-term debt	$ 646,893	658,306
Contingent consideration - long-term		$ 27,378

Regulatory Liability - Addition

Regulatory Liability - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Regulated Operations [Abstract]
Regulatory Liability	$ 8,477	$ 1,242

Equity - Additional Information

Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Sep. 03, 2015	Jun. 05, 2015	Mar. 06, 2015	Jan. 13, 2015	Dec. 18, 2014	Sep. 30, 2015	Sep. 30, 2015	Jan. 12, 2015	Jan. 11, 2015
Class Of Stock [Line Items]
Common stock, shares authorized						450,000,000	450,000,000	450,000,000	3,000
Common stock, par or stated value per share						$ 0.01	$ 0.01	$ 0.01	$ 1
Cash dividends declared per share to shareholders						$ 0.225	$ 0.850
Cash Distribution Approved on September 3, 2015
Class Of Stock [Line Items]
Cash distribution declaration date							Sep. 3, 2015
Cash distributions to unit holders, date of record							Sep. 30, 2015
Dividends Payable, date declared							Sep. 3, 2015
Dividends payable date of record							Sep. 30, 2015
Cash dividends declared per share to shareholders	$ 0.225
Cash distribution and dividend payable date							Oct. 22, 2015
Cash Distribution Approved on June 5, 2015
Class Of Stock [Line Items]
Cash distribution declaration date							Jun. 5, 2015
Cash distributions to unit holders, date of record							Jun. 30, 2015
Dividends Payable, date declared							Jun. 5, 2015
Dividends payable date of record							Jun. 30, 2015
Cash dividends declared per share to shareholders		$ 0.225
Cash distribution and dividend paid date							Jul. 23, 2015
Cash Distribution Approved on March 6, 2015
Class Of Stock [Line Items]
Cash distribution declaration date							Mar. 6, 2015
Cash distributions to unit holders, date of record							Mar. 31, 2015
Dividends Payable, date declared							Mar. 6, 2015
Dividends payable date of record							Mar. 31, 2015
Cash dividends declared per share to shareholders			$ 0.14
Cash distribution and dividend paid date							Apr. 23, 2015
Cash Distribution Approved on January 13, 2015
Class Of Stock [Line Items]
Cash distribution declaration date							Jan. 13, 2015
Cash distributions to unit holders, date of record							Jan. 20, 2015
Dividends Payable, date declared							Jan. 13, 2015
Dividends payable date of record							Jan. 20, 2015
Cash dividends declared per share to shareholders				$ 0.26
Cash distribution and dividend paid date							Jan. 29, 2015
Cash Distribution Approved on December 18, 2014
Class Of Stock [Line Items]
Cash distribution declaration date							Dec. 18, 2014
Cash distributions to unit holders, date of record							Dec. 18, 2014
Dividends Payable, date declared							Dec. 18, 2014
Dividends payable date of record							Dec. 18, 2014
Cash dividends declared per share to shareholders					$ 0.31
Cash distribution and dividend paid date							Jan. 16, 2015
Retained Earnings | Cash Distribution Approved on September 3, 2015
Class Of Stock [Line Items]
Cash dividends declared to shareholders	$ 9.8
Retained Earnings | Cash Distribution Approved on June 5, 2015
Class Of Stock [Line Items]
Cash dividends declared to shareholders		$ 9.8
Retained Earnings | Cash Distribution Approved on March 6, 2015
Class Of Stock [Line Items]
Cash dividends declared to shareholders			$ 6.1
Retained Earnings | Cash Distribution Approved on January 13, 2015
Class Of Stock [Line Items]
Cash dividends declared to shareholders				$ 9
Retained Earnings | Cash Distribution Approved on December 18, 2014
Class Of Stock [Line Items]
Cash dividends declared to shareholders					$ 10.8
InfraREIT, L.L.C. | Cash Distribution Approved on September 3, 2015
Class Of Stock [Line Items]
Cash distributions declared to unit holders, per unit	$ 0.225
Cash distribution to unit holders	$ 13.6
InfraREIT, L.L.C. | Cash Distribution Approved on June 5, 2015
Class Of Stock [Line Items]
Cash distributions declared to unit holders, per unit		$ 0.225
Cash distribution to unit holders		$ 13.6
InfraREIT, L.L.C. | Cash Distribution Approved on March 6, 2015
Class Of Stock [Line Items]
Cash distributions declared to unit holders, per unit			$ 0.14
Cash distribution to unit holders			$ 8.5
InfraREIT, L.L.C. | Cash Distribution Approved on January 13, 2015
Class Of Stock [Line Items]
Cash distributions declared to unit holders, per unit				$ 0.26
Cash distribution to unit holders				$ 11.7
InfraREIT, L.L.C. | Cash Distribution Approved on December 18, 2014
Class Of Stock [Line Items]
Cash distributions declared to unit holders, per unit					$ 0.31
Cash distribution to unit holders					$ 14.1
InfraREIT, L.L.C. | Retained Earnings | Cash Distribution Approved on September 3, 2015
Class Of Stock [Line Items]
Cash dividends declared to shareholders	$ 9.8
InfraREIT, L.L.C. | Retained Earnings | Cash Distribution Approved on June 5, 2015
Class Of Stock [Line Items]
Cash dividends declared to shareholders		$ 9.8
InfraREIT, L.L.C. | Retained Earnings | Cash Distribution Approved on March 6, 2015
Class Of Stock [Line Items]
Cash dividends declared to shareholders			$ 6.1
InfraREIT, L.L.C. | Retained Earnings | Cash Distribution Approved on January 13, 2015
Class Of Stock [Line Items]
Cash dividends declared to shareholders				$ 9
InfraREIT, L.L.C. | Retained Earnings | Cash Distribution Approved on December 18, 2014
Class Of Stock [Line Items]
Cash dividends declared to shareholders					$ 10.8

Accumulated Other Comprehensi58

Accumulated Other Comprehensive Loss - Additional Information (Details) - USD ($)	Sep. 30, 2015	Sep. 30, 2014
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]
Changes in accumulated other comprehensive loss	$ 0	$ 0

Accumulated Other Comprehensi59

Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2014USD ($)
Accumulated Other Comprehensive Income Loss [Line Items]
Other comprehensive loss before reclassifications	$ (49)
Amounts reclassified from accumulated other comprehensive loss	893
Net period other comprehensive loss	844
Accumulated Other Comprehensive Loss Attributable to InfraREIT, Inc.
Accumulated Other Comprehensive Income Loss [Line Items]
Other comprehensive loss before reclassifications	(77)
Amounts reclassified from accumulated other comprehensive loss	687
Net period other comprehensive loss	610
Accumulated Other Comprehensive Loss Attributable To Noncontrolling Interest
Accumulated Other Comprehensive Income Loss [Line Items]
Other comprehensive loss before reclassifications	28
Amounts reclassified from accumulated other comprehensive loss	206
Net period other comprehensive loss	$ 234

Noncontrolling Interest - Addit

Noncontrolling Interest - Additional Information (Details) - USD ($)	Mar. 09, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Minority Interest [Line Items]
Description of units redeemed for cash or, at option, exchanged for common shares				one-for-one basis
OP Units held by the limited partners		17,000,000		17,000,000		10,700,000
Compensation Expenses			$ 0	$ 493,000	$ 120,000
Hunt-InfraREIT
Minority Interest [Line Items]
Common shares received	2,329,283
Class A OP Units
Minority Interest [Line Items]
Shares purchased consideration for promissory note				6,242,999
Principal amount of shares purchased consideration for promissory note				$ 66,500,000
Class A OP Units | Hunt-InfraREIT
Minority Interest [Line Items]
Operating partnership units redeem				1,551,878	0
Common shares received				1,551,878
General and Administrative Expense
Minority Interest [Line Items]
Compensation Expenses		$ 200,000		$ 500,000	$ 100,000
LTIP Units
Minority Interest [Line Items]
Operating partnership units issued				28,000	11,264
Directors vesting period				1 year
Aggregate value of pre-IPO LTIP units				$ 100,000

Earnings Per Share - Computatio

Earnings Per Share - Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Basic net income per share:
Net income (loss) attributable to InfraREIT, Inc.	$ 13,972	$ 11,894	$ (6,539)	$ 19,974
Weighted average common shares outstanding	43,565	35,053	42,787	35,053
Basic net income (loss) per share	$ 0.32	$ 0.34	$ (0.15)	$ 0.57
Diluted net income per share:
Net income (loss) attributable to InfraREIT, Inc.	$ 13,972	$ 11,894	$ (6,539)	$ 19,974
Weighted average common shares outstanding	43,565	35,053	42,787	35,053
Weighted average dilutive shares outstanding	43,565	35,053	42,787	35,053
Diluted net income (loss) per share	$ 0.32	$ 0.34	$ (0.15)	$ 0.57
Due to the anti-dilutive effect, the computation of diluted earnings per share does not reflect the following adjustments:
Net income (loss) attributable to noncontrolling interest	$ 5,458	$ 3,621	$ (1,061)	$ 6,046
Redemption of operating partnership units	17,028	10,656	15,964	10,546

Leases - Schedule of Compositio

Leases - Schedule of Composition of Lease Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Leases [Abstract]
Base rent (straight-line)	$ 31,253	$ 27,020	$ 90,083	$ 76,399
Percentage rent	10,199	12,289	10,199	12,972
Total lease revenue	$ 41,452	$ 39,309	$ 100,282	$ 89,371

Leases - Additional Information

Leases - Additional Information (Details)	9 Months Ended
	Sep. 30, 2015
Operating Leased Assets [Line Items]
Operating leases placed in services dates description	SDTS and SPLLC have entered into various leases with Sharyland for all of our placed in service T&D assets. The master lease agreements, as amended, expire at various dates from December 31, 2015 through December 31, 2022.
Lease expiration date range, start date	Dec. 31, 2015
Lease expiration date range, end date	Dec. 31, 2022
Maximum [Member]
Operating Leased Assets [Line Items]
Rate of rent used, Percentage	37.00%
Minimum
Operating Leased Assets [Line Items]
Rate of rent used, Percentage	23.00%

Supplemental Cash Flow Inform64

Supplemental Cash Flow Information - Supplemental Cash Flow Information and Non-cash Investing and Financing Activities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Supplemental cash flow information
Cash paid during the period for interest	$ 20,022	$ 22,367
Cash paid during the period for taxes		75
Non-cash investing and financing activities
Non-cash right of way additions to electric plant		337
Change in accrued additions to electric plant	4,387	31,421
Allowance for funds used during construction - debt	1,312	1,197
Net non-cash equity issuances related to the Merger and Reorganization	97,193
Net non-cash noncontrolling equity issuances related to the Merger and Reorganization	119,607
Non-cash noncontrolling interests equity issuance	755	$ 4,590
Dividends and distributions payable	$ 13,634		$ 14,130