Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 04, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | HASI | |
Entity Registrant Name | Hannon Armstrong Sustainable Infrastructure Capital, Inc. | |
Entity Central Index Key | 1,561,894 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 32,498,992 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Assets | ||
Financing receivables | $ 688,632 | $ 552,706 |
Financing receivables held-for-sale | 85,461 | 62,275 |
Investments available-for-sale | 28,455 | 27,273 |
Real estate | 126,683 | 90,907 |
Real estate related intangible assets | 25,482 | 23,058 |
Equity method investments in affiliates | 161,648 | 143,903 |
Cash and cash equivalents | 21,670 | 58,199 |
Restricted cash and cash equivalents | 12,911 | 11,943 |
Other assets | 30,502 | 39,993 |
Total Assets | 1,181,444 | 1,010,257 |
Liabilities: | ||
Accounts payable, accrued expenses and other | 13,749 | 11,408 |
Deferred funding obligations | 95,700 | 88,288 |
Credit facility | 420,496 | 315,748 |
Asset-backed nonrecourse notes (secured by assets of $230 million and $248 million, respectively) | 197,694 | 208,246 |
Other nonrecourse debt (secured by financing receivables of $104 million and $108 million, respectively) | 107,510 | 112,525 |
Total Liabilities | $ 835,149 | $ 736,215 |
Equity: | ||
Preferred stock, par value $0.01 per share, 50,000,000 shares authorized, no shares issued and outstanding | ||
Common stock, par value $0.01 per share, 450,000,000 shares authorized, 31,221,982 and 26,377,111 shares issued and outstanding, respectively | $ 312 | $ 264 |
Additional paid in capital | 379,183 | 293,635 |
Retained deficit | (37,131) | (25,006) |
Accumulated other comprehensive (loss) income | (81) | 406 |
Non-controlling interest | 4,012 | 4,743 |
Total Equity | 346,295 | 274,042 |
Total Liabilities and Equity | $ 1,181,444 | $ 1,010,257 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Asset-backed nonrecourse notes, secured by assets | $ 230 | $ 248 |
Other nonrecourse debt, secured by financing receivables | $ 104 | $ 108 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 450,000,000 | 450,000,000 |
Common stock, shares issued | 31,221,982 | 26,377,111 |
Common stock, shares outstanding | 31,221,982 | 26,377,111 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net Investment Revenue: | ||||
Interest Income, Financing receivables | $ 8,217 | $ 5,229 | $ 16,545 | $ 9,847 |
Interest Income, Investments | 357 | 1,138 | 753 | 2,432 |
Rental Income | 2,564 | 410 | 4,652 | 410 |
Investment Revenue | 11,138 | 6,777 | 21,950 | 12,689 |
Investment interest expense | (6,103) | (3,684) | (12,250) | (7,214) |
Net Investment Revenue | 5,035 | 3,093 | 9,700 | 5,475 |
Provision for credit losses | 0 | 0 | 0 | 0 |
Net Investment Revenue, net of provision for credit losses | 5,035 | 3,093 | 9,700 | 5,475 |
Other Investment Revenue: | ||||
Gain on sale of receivables and investments | 1,557 | 4,272 | 4,426 | 6,246 |
Fee income | 836 | 207 | 1,063 | 1,550 |
Other Investment Revenue | 2,393 | 4,479 | 5,489 | 7,796 |
Total Revenue, net of investment interest expense and provision | 7,428 | 7,572 | 15,189 | 13,271 |
Compensation and benefits | (3,978) | (2,924) | (7,830) | (4,537) |
General and administrative | (1,561) | (1,445) | (3,066) | (2,598) |
Acquisition costs | (1,104) | (1,104) | ||
Other, net | (34) | (54) | (261) | (114) |
Loss from equity method investments in affiliates | (295) | (348) | ||
Other Expenses, net | (5,868) | (5,527) | (11,505) | (8,353) |
Net income before income taxes | 1,560 | 2,045 | 3,684 | 4,918 |
Income tax (expense) benefit | (76) | 830 | (53) | 770 |
Net Income | 1,484 | 2,875 | 3,631 | 5,688 |
Net income attributable to non-controlling interest holders | 14 | 47 | 39 | 107 |
Net Income Attributable to Controlling Shareholders | $ 1,470 | $ 2,828 | $ 3,592 | $ 5,581 |
Basic earnings per common share | $ 0.04 | $ 0.13 | $ 0.10 | $ 0.29 |
Diluted earnings per common share | $ 0.04 | $ 0.13 | $ 0.10 | $ 0.29 |
Weighted average common shares outstanding-basic | 29,479,023 | 19,973,393 | 27,941,095 | 17,944,432 |
Weighted average common shares outstanding-diluted | 29,479,023 | 19,973,393 | 27,941,095 | 17,944,432 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 1,484 | $ 2,875 | $ 3,631 | $ 5,688 |
Unrealized (loss)/gain on available-for-sale securities, net of taxes benefit/(provision) of $0.2 million and $0.2 million in 2015 and ($1.5) million and ($1.5) million in 2014, for the three and six months periods respectively | (573) | 2,251 | (492) | 2,238 |
Comprehensive income | 911 | 5,126 | 3,139 | 7,926 |
Less: Comprehensive income attributable to non-controlling interests holders | 8 | 89 | 34 | 149 |
Comprehensive Income Attributable to Controlling Shareholders | $ 903 | $ 5,037 | $ 3,105 | $ 7,777 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Unrealized (loss)/gain on available-for-sale securities, benefit/(provision) | $ 0.2 | $ (1.5) | $ 0.2 | $ (1.5) |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities | ||
Net Income | $ 3,631 | $ 5,688 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 1,561 | 1,098 |
Equity-based compensation | 5,026 | 1,970 |
Loss from equity method investment in affiliates | 348 | |
Gain on sale of financing receivables and investments | (4,763) | (2,538) |
Changes in financing receivables held-for-sale | 14,862 | 16,801 |
Changes in accounts payable and accrued expenses | (424) | 2,313 |
Other | (4,578) | (294) |
Net cash provided by operating activities | 15,663 | 25,038 |
Cash flows from investing activities | ||
Purchases of financing receivables | (185,643) | (107,227) |
Principal collections from financing receivables | 50,358 | 16,157 |
Proceeds from sales of financing receivables | 36,454 | 22,428 |
Purchases of investments | (20,486) | |
Principal collections from investments | 8,586 | 1,522 |
Proceeds from sales of investments | 10,794 | 36,232 |
Acquisition of businesses, net of cash | (106,744) | |
Purchases of real estate | (38,513) | |
Investments in equity method affiliate, net | (32,735) | |
Distributions received from equity method affiliates | 14,642 | |
Change in restricted cash | (968) | 40,308 |
Other | (346) | 20 |
Net cash used in investing activities | (157,857) | (97,304) |
Cash flows from financing activities | ||
Proceeds from credit facility | 175,521 | 108,000 |
Principal payments on credit facility | (70,860) | (18,953) |
Proceeds from nonrecourse notes | 11,626 | |
Principal payments on nonrecourse notes | (25,430) | (17,578) |
Payments on deferred funding obligations | (50,786) | (50,557) |
Net proceeds of common stock issuances | 81,540 | 70,380 |
Payments of dividends and distributions | (14,538) | (8,786) |
Other | (1,408) | (3,395) |
Net cash provided by financing activities | 105,665 | 79,111 |
(Decrease) increase in cash and cash equivalents | (36,529) | 6,845 |
Cash and cash equivalents at beginning of period | 58,199 | 31,846 |
Cash and cash equivalents at end of period | 21,670 | 38,691 |
Interest paid | $ 12,831 | $ 6,544 |
The Company
The Company | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
The Company | 1. The Company Hannon Armstrong Sustainable Infrastructure Capital, Inc. (“the Company”) provides debt and equity to the energy efficiency and renewable energy markets. The Company and its subsidiaries are hereafter referred to as “we,” “us,” or “our.” We refer to the financings that we hold on our balance sheet as our “Portfolio.” Our Portfolio may include: • Financing Receivables, such as project loans, receivables and direct financing leases, • Investments, such as debt and equity securities, • Real Estate, such as land or other physical assets and related intangible assets used in sustainable infrastructure projects, and • Equity Investments in unconsolidated affiliates, such as projects where we hold a non-consolidated equity interest in a project. We finance our business through cash on hand, borrowings under our credit facility, and various asset-backed securitization transactions and equity issuances. We also generate fee income through asset-backed securitizations, by providing broker/dealer services and by servicing assets owned by third parties. Some of our subsidiaries are special purpose entities that are formed for specific operations associated with financing sustainable infrastructure receivables for specific long term contracts. In April 2013, we completed our initial public offering (“IPO”). Concurrently with the IPO, we completed a series of transactions, which are referred to as the formation transactions that resulted in Hannon Armstrong Capital, LLC (the “Predecessor”), the entity that operated the historical business prior to the consummation of the IPO, becoming our subsidiary. Our common stock is listed on the New York Stock Exchange (“NYSE”) under the symbol “HASI.” See Note 11 for a summary of our public offerings of common stock. We elected and qualified as a REIT for U.S. federal income tax purposes commencing with our taxable year ended December 31, 2013. We generally will not be subject to U.S. federal income taxes on our taxable income to the extent that we annually distribute all of our taxable income to stockholders and maintain our qualification as a REIT. We operate our business through, and serve as the sole general partner of, our Operating Partnership subsidiary, Hannon Armstrong Sustainable Infrastructure, L.P, (the “Operating Partnership”) which was formed to acquire and directly or indirectly own the Company’s assets. We also intend to operate our business in a manner that will continue to permit us to maintain our exception from registration as an investment company under the 1940 Act. Real Estate Acquisitions In May 2014, we entered into a Unit Purchase Agreement (the “Purchase Agreement”) to acquire all of the outstanding member interests in American Wind Capital Company, LLC (“AWCC”) from Northwharf Nominees Limited, DBD AWCC LLC, NGP Energy Technology Partners II, L.P. and C.C. Hinckley Company, LLC in exchange for approximately $107 million (the “Purchase Price”), which we funded from the use of our cash on hand and our existing credit facilities. Since the AWCC acquisition that was accounted for as a business combination, we have completed several smaller transactions that were also accounted for as business combinations for additional consideration of approximately $19 million, which we funded from the use of our cash on hand and our existing credit facilities. We did not assume any indebtedness in connection with these transactions. We incurred approximately $2.5 million of acquisition related costs, which we have previously expensed as acquisition costs in our 2014 consolidated statement of operations. We recorded the acquired assets (including real estate related intangibles) at fair value. We used a qualified appraiser to assist us with the determination of the fair value estimates for the majority of these assets. There were no liabilities assumed in connection with these acquisitions. The purchase price allocation for our business combinations, which reflects our estimates of the fair value of the assets acquired, is as follows (amounts in millions): Financing receivables $ 37 Real estate 67 Real estate related intangibles 20 Goodwill 2 Purchase Price $ 126 The unaudited pro forma summary below presents the consolidated results of operations of these business combinations for the period prior to our acquisition, as if the acquisition was completed on January 1, 2013. The pro forma information is not necessarily indicative of what our actual results of operations would have been for the period, nor does it purport to represent our estimate of future results of operations. For the six months ended (amounts in millions, unaudited) Pro forma net investment revenue $ 15 Pro forma net income $ 7 Investments in Equity Method Affiliates We have made several investments in joint ventures with an affiliate of JPMorgan Chase & Co (“JPMorgan”) to purchase and hold minority interests in wind projects, including through Strong Upwind Holdings II LLC (“Strong Upwind II”), which acquired additional interests this quarter in several of the operating wind projects held by Strong Upwind Holdings I LLC (“Strong Upwind I”). Through these joint ventures, we own minority interests in four limited liability holding companies that own ten operating wind projects. Each of the holding companies is controlled and operated by a large wind energy company. Date Transaction Investment JV Partner ($ in millions) October 2014 Strong Upwind I $ 141 JPMorgan April 2015 Strong Upwind II $ 36 JPMorgan In June 2015, JPMorgan and one of the holding companies entered into an agreement regarding the treatment of certain tax matters that had the impact of reducing our expected future cash flows from that holding company. To offset this reduction in our future cash flows, in June 2015, JPMorgan paid us approximately $3 million, which effectively reduced our investment in Strong Upwind I from $144 million to $141 million. The minority ownership interests in the holding companies are structured in a typical wind partnership flip structure where we, along with other large institutional investors, if any, receive a stated preferred return consisting of a priority distribution of the project cash flows along with tax attributes. Once this preferred return is achieved, the partnership “flips” and the holding company receives the majority of the cash flows and we, along with the other institutional investors, will have an on-going residual interest. We share in the cash flows and tax attributes of the joint ventures according to a negotiated schedule. We have determined that we do not have a controlling voting interest in the joint ventures and therefore, we account for our investments using the equity method. See Notes 2 and 13 for additional information. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The condensed consolidated financial statements reflect all normal and recurring adjustments that, in the opinion of management, are necessary for a fair presentation of the financial position, results of operations, comprehensive income and cash flows for the periods presented. The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenues and expenses during the reporting period. The results of operations for the periods presented are not necessarily indicative of the results to be expected for the entire year. Certain information and footnote disclosures normally included in our annual consolidated financial statements have been condensed or omitted. Certain amounts in the prior year have been reclassified to conform to the current year presentation. The condensed consolidated financial statements include the accounts of the Company and its controlled subsidiaries, including the Operating Partnership. All significant intercompany transactions and balances have been eliminated in consolidation. Following the guidance for non-controlling interests in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation Financing Receivables Financing receivables include financing sustainable infrastructure project loans, receivables and direct financing leases. Unless otherwise noted, we generally have the ability and intent to hold our financing receivables for the foreseeable future and thus they are classified as held for investment. Our ability and intent to hold certain financing receivables may change from time to time depending on a number of factors, including economic, liquidity and capital conditions. The carrying value of financing receivables held for investment represents the present value of the note, lease or other payments, net of any unearned fee income, which is recognized as income over the term of the note or lease using the effective interest method. Financing receivables that are held for investment are carried, unless deemed impaired, at cost, net of any unamortized acquisition premiums or discounts and include origination and acquisition costs, as applicable. Financing receivables that we intend to sell in the short-term are classified as held-for-sale We evaluate our financing receivables for potential delinquency or impairment on at least a quarterly basis and more frequently when economic or other conditions warrant such an evaluation. When a financing receivable becomes 90 days or more past due, and if we otherwise do not expect the debtor to be able to service all of its debt or other obligations, we will generally consider the financing receivable delinquent or impaired and place the financing receivable on non-accrual status and cease recognizing income from that financing receivable until the borrower has demonstrated the ability and intent to pay contractual amounts due. If a financing receivable’s status significantly improves regarding the debtor’s ability to service the debt or other obligations, we will remove it from non-accrual status. A financing receivable is also considered impaired as of the date when, based on current information and events, it is determined that it is probable that we will be unable to collect all amounts due in accordance with the original contracted terms. Many of our financing receivables are secured by sustainable infrastructure projects. Accordingly, we regularly evaluate the extent and impact of any credit deterioration associated with the performance and value of the underlying project, as well as the financial and operating capability of the borrower, its sponsors or the obligor as well as any guarantors. We consider a number of qualitative and quantitative factors in our assessment, including, as appropriate, a project’s operating results, loan-to-value If a financing receivable is considered to be impaired, we record an allowance to reduce the carrying value of the financing receivable to the present value of expected future cash flows discounted at the financing receivable’s contractual effective rate or the amount realizable from other contractual terms such as the currently estimated fair market value of the collateral less estimated selling costs, if repayment is expected solely from the collateral. We charge off financing receivables against the allowance when we determine the unpaid principal balance is uncollectible, net of recovered amounts. Investments Investments include debt securities that meet the criteria of ASC 320, Investments—Debt and Equity Securities We evaluate our investments for OTTI on at least a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. Our OTTI assessment is a subjective process requiring the use of judgments and assumptions. Accordingly, we regularly evaluate the extent and impact of any credit deterioration associated with the financial and operating performance and value of the underlying project. We consider a number of qualitative and quantitative factors in our assessment. We first consider the current fair value of the security and the duration of any unrealized loss. Other factors considered include changes in the credit rating, performance of the underlying project, key terms of the transaction and support provided by the sponsor or guarantor. To the extent that we have identified an OTTI for a security and intend to hold the investment to maturity and we do not expect that we will be required to sell the security prior to recovery of the amortized cost basis, we recognize only the credit component of OTTI in earnings. We determine the credit component using the difference between the securities’ amortized cost basis and the present value of its expected future cash flows, discounted using the effective interest method or its estimated collateral value. Any remaining unrealized loss due to factors other than credit, or the non-credit component, is recorded in accumulated OCI. To the extent we hold investments with an OTTI and if we have made the decision to sell the security or it is more likely than not that we will be required to sell the security prior to recovery of its amortized cost basis, we recognize the entire portion of the impairment in earnings. Premiums or discounts on investment securities are amortized or accreted into investment interest income using the effective interest method. Real Estate Real estate reflects land or other real estate held on our balance sheet. Real estate intangibles reflect the value of associated lease intangibles, net of any amortization. In accordance with ASC 805, Business Combinations The fair value of the tangible assets of an acquired leased property is determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land, building and tenant improvements, if any, based on the determination of the fair values of these assets. The as-if-vacant fair value of a property is determined by management based on an appraisal of the property by a qualified appraiser. In allocating the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded as intangible assets based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases, and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining term of the lease, including renewal periods reasonably assured of being exercised by the lessee. The capitalized above-market lease values are amortized as a reduction of rental income and the capitalized below-market lease values are amortized as an increase to rental income. We also record, as appropriate, an intangible asset for in-place leases. The value of the leases in place at the time of the transaction is equal to the potential revenue (rent and expenses) lost if the leases were not in place (during downtime) and that would be incurred to obtain the lease. The amortization is calculated over the initial term unless management believes that it is reasonably assured that the tenant would exercise the renewal option, whereby we would amortize the value attributable to the renewal over the renewal period. If a lease were to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be written off. We record the purchases of real estate, other than in a business combination (i.e. real estate with no in-places leases), as asset acquisitions that are recorded at cost, including acquisition and closing costs. Our real estate is generally leased to tenants on a net lease basis, whereby the tenant is responsible for all operating expenses relating to the property, generally including property taxes, insurance, maintenance, repairs and capital expenditures. Revenue is recognized as rentals are earned and expenses (if any) are charged to operations as incurred. When scheduled rental revenue varies during the lease term, income is recognized on a straight-line basis, unless there is considerable risk as to collectability, so as to produce a constant periodic rent over the term of the lease. Accrued rental income is the aggregate difference between the scheduled rents which vary during the lease term and the income recognized on a straight-line basis and is recorded in other assets. Securitization of Receivables We have established various special purpose entities or securitization trusts for the purpose of securitizing certain financing receivables or other debt investments. We determined that the trusts used in securitizations are variable interest entities, as defined in ASC 810, Consolidation We account for transfers of financing receivables to these securitization trusts as sales pursuant to ASC 860, Transfers and Servicing Gain or loss on the sale of receivables is calculated based on the excess of the proceeds received from the securitization (less any transaction costs) plus any retained interests obtained over the cost basis of the receivables sold. For retained interests, we generally estimate fair value based on the present value of future expected cash flows using our best estimates of the key assumptions of anticipated losses, prepayment rates, and current market discount rates commensurate with the risks involved. We initially account for all separately recognized servicing assets and servicing liabilities at fair value and subsequently measure such servicing assets and liabilities using the amortization method. Servicing assets and liabilities are amortized in proportion to, and over the period of, estimated net servicing income with servicing income recognized as earned. We assess servicing assets for impairment at each reporting date. If the amortized cost of servicing assets is greater than the estimated fair value, we will recognize an impairment in net income. Our other retained interest in securitized assets, the residual assets, are classified as available-for-sale securities and carried at fair value on the condensed consolidated balance sheets in Other Assets. We generally do not sell our residual assets. Our residual assets are evaluated for impairment in a similar manner as described under “Investments” above. Interest income related to the residual assets is recognized using the effective interest rate method. If there is a change in expected cash flows related to the residual assets, we calculate a new yield based on the current amortized cost of the residual assets and the revised expected cash flows. This yield is used prospectively to recognize interest income. Modifications to Debt We evaluate any modifications to our debt in accordance with the applicable guidance in ASC 470-50, Debt-Modifications Cash and Cash Equivalents Cash and cash equivalents include short-term government securities, certificates of deposit and money market funds, all of which had an original maturity of three months or less at the date of purchase. These securities are carried at their purchase price, which approximates fair value. Restricted Cash Restricted cash includes cash and cash equivalents set aside with certain lenders primarily to support deferred funding and other obligations outstanding at the balance sheet dates. Variable Interest Entities and Equity Method Investment in Affiliate We account for our investment in entities that are considered variable interest entities under ASC 810. We perform an ongoing assessment to determine the primary beneficiary of each entity as required by ASC 810. See Securitization of Receivables Substantially all of the activities of the special purpose entities that are formed for the purpose of holding our financing receivables and investments on our balance sheet are closely associated with our activities. Based on our assessment, we determined that we have power over and receive the benefits of these special purpose entities; hence, we are the primary beneficiary and should consolidate these entities under the provisions of ASC 810. As described in Note 13, we made equity investments in joint ventures with JPMorgan. The ventures are jointly controlled with each member owning 50% of the voting stock. Based on our assessment, we have determined that the joint ventures are voting interest entities and we have the ability to exercise influence over their operating and financial policies and as such we therefore account for such investments using the equity method. We share in the cash flows and tax attributes of the joint ventures according to a negotiated schedule. Our joint ventures own minority interest in various limited liability holding companies that own operating wind projects. Each of the holding companies is majority owned and operated by a large wind energy company. Based on our assessment, we have determined that each of the holding companies is a variable interest entity and that we have the ability to exercise influence over operating and financial policies of the holding companies, but we are not the primary beneficiary as we do not have the power to direct the most important decisions related to the most significant activities of the investment. Thus we do not consolidate the joint ventures or the holding companies, but account for them using the equity method of accounting as described below. Under the equity method of accounting, the carrying value of our equity method investments is determined based on amounts we invested, adjusted for the equity in earnings or losses of investee allocated based on the partnership agreement, less distributions received. Because the partnership agreements contain preferences with regard to cash flows from operations, capital events and liquidation, we reflect our share of profits and losses by determining the difference between our “claim on the investee’s book value” at the end and the beginning of the period. This claim is calculated as the amount we would receive (or be obligated to pay) if the investee were to liquidate all of its assets at recorded amounts determined in accordance with U.S. GAAP and distribute the resulting cash to creditors and investors in accordance with their respective priorities. This method is commonly referred to as the hypothetical liquidation at book value method or (“HLBV”). Intra-company We evaluate the realization of our investment accounted for using the equity method if circumstances indicate that our investment is OTTI. OTTI impairment occurs when the estimated fair value of an investment is below the carrying value and the difference is determined to not be recoverable. This evaluation requires significant judgment regarding, but not limited to, the severity and duration of the impairment; the ability and intent to hold the securities until recovery; financial condition, liquidity, and near-term Income Taxes We elected and qualified to be taxed as a REIT for U.S. federal income tax purposes, commencing with our taxable year ended December 31, 2013. To qualify as a REIT, we must meet a number of organizational and operational requirements, including a requirement that we currently distribute at least 90% of our net taxable income, excluding capital gains, to our shareholders. We intend to continue to meet the requirements for qualification as a REIT. As a REIT, we are not subject to U.S. federal corporate income tax on that portion of net income that is currently distributed to our owners. However, our taxable REIT subsidiaries (“TRS”) will generally be subject to U.S. federal, state, and local income taxes as well as taxes of foreign jurisdictions, if any. We account for income taxes of our TRS using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. We apply accounting guidance with respect to how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. This guidance requires the accounting and disclosure of tax positions taken or expected to be taken in the course of preparing our tax returns to determine whether the tax positions are “more likely than not” to be sustained by the applicable tax authority. We are required to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which includes U.S. federal and certain states. We have no examinations in progress, none are expected at this time, and years 2011 through 2014 are open. As of June 30, 2015 and December 31, 2014, we had no uncertain tax positions. Our policy is to recognize interest expense and penalties related to income tax matters as a component of other expense. There were no accrued interest and penalties as of June 30, 2015 and December 31, 2014, and no interest and penalties were recognized during the three or six months ended June 30, 2015 and 2014. Equity-Based Compensation At the time of completion of our IPO, we adopted our 2013 Equity Incentive Plan (the “2013 Plan”), which provides for grants of stock options, stock appreciation rights, restricted stock units, shares of restricted common stock, phantom shares, dividend equivalent rights, long-term incentive-plan units (“LTIP units”) and other restricted limited partnership units issued by our Operating Partnership and other equity-based awards. From time to time, we may award unvested restricted shares as compensation to members of our senior management team, our independent directors, employees, advisors, consultants and other personnel under our 2013 Plan. We record compensation expense for stock awards in accordance with ASC 718, Compensation—Stock Compensation Earnings Per Share We compute earnings per share of common stock in accordance with ASC 260, Earnings Per Share weighted-average Segment Reporting We provide and arrange debt and equity financing for sustainable infrastructure projects and report all of our activities as one business segment. Recently Issued Accounting Pronouncements Revenue from Contracts with Customers In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers Debt Issuance Costs In April 2015, the FASB issued ASU No. 2015-03, Interest – Imputation of Interest |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. Fair Value Measurements Fair value is defined as the price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The fair value accounting guidance provides a three-level hierarchy for classifying financial instruments. The levels of inputs used to determine the fair value of our financial assets and liabilities carried on the balance sheet at fair value and for those which only disclosure of fair value is required are characterized in accordance with the fair value hierarchy established by ASC 820, Fair Value Measurements held-for-sale • Level 1—Quoted prices (unadjusted) in active markets that are accessible at the measurement date. • Level 2—Observable prices that are based on inputs not quoted on active markets, but corroborated by market data. • Level 3—Unobservable inputs are used when little or no market data is available. Unless otherwise discussed below, fair value is measured using a discounted cash flow model, contractual terms and Level 3 unobservable inputs which consist of base interest rates and spreads over base rates which are based upon market observation and recent comparable transactions. An increase in these unobservable inputs would result in a lower fair value and a decline would result in a higher fair value. The financing receivables held for sale are carried at cost, which approximates fair value. As of June 30, 2015 Fair Value Carrying Level (amounts in millions) Assets Financing receivables $ 726 $ 689 Level 3 Financing receivables held-for-sale 85 85 Level 3 Investments available-for-sale (1) 28 28 Level 3 Liabilities Credit facility $ 420 $ 420 Level 3 Asset-backed nonrecourse notes 197 198 Level 3 Other nonrecourse debt 119 108 Level 3 (1) The amortized costs of our investments available-for-sale as of June 30, 2015, was $29 million. As of December 31, 2014 Fair Value Carrying Level (amounts in millions) Assets Financing receivables (1) $ 598 $ 553 Level 3 Financing receivables held-for-sale 62 62 Level 3 Investments available-for-sale (2) 27 27 Level 3 Liabilities Credit facility $ 316 $ 316 Level 3 Asset-backed nonrecourse notes 208 208 Level 3 Other nonrecourse debt 127 113 Level 3 (1) An allowance for loan losses of $1.2 million was included in the carrying value of the financing receivables as of December 31, 2014. There was no allowance for loan losses outstanding as of June 30, 2015. (2) The amortized costs of our investments available-for-sale as of December 31, 2014, was $27 million. Investments During 2014 as part of our portfolio management process, we sold an investment designated as held-to-maturity. As a result, we have transferred all of our remaining investments in debt securities to investments available-for-sale at fair value. The following table reconciles the beginning and ending balances for our Level 3 investments that are carried at fair value following the transfer of our investments to available-for-sale: For the three months For the six months 2015 2014 2015 2014 (amounts in millions) Balance, beginning of period $ 22.8 $ — $ 27.3 $ — Transfers to / purchases of available-for-sale debt securities 15.5 83.5 20.5 83.5 Payments on available-for-sale debt securities (1.0 ) — (8.6 ) — Sale of available-for-sale debt securities (8.5 ) (20.7 ) (10.8 ) (20.7 ) Gains on debt securities transferred to available for sale — 5.0 — 5.0 Gains on debt securities recorded in earnings 0.5 — 0.8 — Losses on debt securities recorded in OCI (0.8 ) (0.2 ) (0.7 ) (0.2 ) Balance, end of period $ 28.5 $ 67.6 $ 28.5 $ 67.6 For investments held at fair value, we used a range of interest rate spreads of 2% to 5% based upon comparable transactions. Non-recurring Fair Value Measurements Our financial statements may include non-recurring fair value measurements related to acquisitions, if any. Assets acquired in a business combination are recorded at their fair value. We use third party valuation firms to assist us with developing our estimates of fair value. These valuations are prepared using Level 3 inputs. Concentration of Credit Risk Financing receivables, investments and leases consist of primarily U.S. federal government-backed receivables, investment grade state and local government receivables and receivables from various sustainable infrastructure projects and do not, in our view, represent a significant concentration of credit risk. See Note 6 for an analysis by type of obligor. We had cash deposits that are subject to credit risk as shown below: June 30, December 31, (amounts in millions) Cash Deposits (including restricted cash) $ 35 $ 70 Amount of Cash Deposits in excess of amounts federally insured $ 32 $ 66 |
Non-Controlling Interest
Non-Controlling Interest | 6 Months Ended |
Jun. 30, 2015 | |
Noncontrolling Interest [Abstract] | |
Non-Controlling Interest | 4. Non-Controlling Interest Non-Controlling Interest in Consolidated Entities Units of limited partnership interests in the Operating Partnership (“OP units”) that are owned by other limited partners are included in non-controlling interest on our consolidated balance sheets. As of June 30, 2015, the following OP units were issued and outstanding: OP Units % of total Held by Limited Partners 284,992 1 % Held by the Company 32,498,992 99 % The outstanding OP units held by outside limited partners are redeemable for cash, or at our option, for a like number of shares of our common stock. We exchanged 46,290 OP units held by our non-controlling interest holders for the same number of shares of our common stock during the six months ended June 30, 2015. No OP units were exchanged for shares during the three months ended June 30, 2015. The non-controlling interest holders are generally allocated their pro rata share of income, other comprehensive income and equity transactions. |
Securitization of Receivables
Securitization of Receivables | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Securitization of Receivables | 5. Securitization of Receivables The following summarizes certain transactions with our securitization trusts: For the Six Months 2015 2014 (amounts in millions) Gains on securitizations $ 4 $ 4 Purchase of receivables securitized $ 96 $ 111 Proceeds from securitizations $ 100 $ 115 Residual and servicing assets included in Other Assets $ 10 $ 6 Cash received from residual and servicing assets $ 1 $ 1 In connection with securitization transactions, we typically retain servicing responsibilities and residual assets. In certain instances, we receive annual servicing fees ranging from 0.05% to 0.20% of the outstanding balance. Included in other assets in our consolidated balance sheets are our servicing assets at amortized cost and our residual assets at fair value. Our residual assets are subordinate to investors’ interests, and their values are subject to credit, prepayment and interest rate risks on the transferred financial assets. The investors and the securitization trusts have no recourse to our other assets for failure of debtors to pay when due. In computing gains and losses on securitizations, we use the same 8% discount rate we use for the fair value calculation of residual assets, which is determined based on a review of comparable market transactions. As of June 30, 2015 and December 31, 2014, our managed assets totaled $2.8 billion and $2.5 billion respectively, of which $1.8 billion and $1.7 billion were securitized assets held in unconsolidated securitization trusts. There were no securitization credit losses during the three and six months ended June 30, 2015 or 2014, and no material securitization delinquencies as of June 30, 2015 and December 31, 2014. Based on the nature of the receivables and experience-to-date, |
Our Portfolio - Financing Recei
Our Portfolio - Financing Receivables, Investments and Real Estate | 6 Months Ended |
Jun. 30, 2015 | |
Receivables [Abstract] | |
Our Portfolio - Financing Receivables, Investments and Real Estate | 6. Our Portfolio – Financing Receivables, Investments and Real Estate As of June 30, 2015, our Portfolio included approximately $1.1 billion of financing receivables, investments, real estate and equity method investments on our balance sheet. The financing receivables and investments are typically collateralized by contractually committed debt obligations of government entities or private high credit quality obligors and are often supported by additional forms of credit enhancement, including security interests and supplier guaranties. The real estate is typically land and related lease intangibles for long-term leases to sustainable infrastructure projects with high credit quality obligors. The equity method investments represent our investments in partnerships that hold minority equity investments in wind projects. The following is an analysis of our Portfolio by type of obligor and credit quality as of June 30, 2015, with 99% of the debt and real estate portion of our Portfolio rated investment grade as shown below: Investment Grade Government (1) Commercial (2) Commercial Non-Investment (3) Subtotal, Debt and Real Estate Equity Method (4) Total ($ in millions) Financing receivables $ 297 $ 392 $ — $ 689 $ — $ 689 Financing receivables held-for-sale 85 — — 85 — 85 Investments — 15 13 28 — 28 Real estate (5) — 152 — 152 — 152 Equity method investments — — — — 162 162 Total $ 382 $ 559 $ 13 $ 954 $ 162 $ 1,116 % of Debt and Real Estate Portfolio 40 % 59 % 1 % 100 % N/A N/A Average Remaining Balance (6) $ 13 $ 10 $ 13 $ 11 $ 16 $ 11 (1) Transactions where the ultimate obligor is the U.S. federal government or state or local governments where the obligors are rated investment grade (either by an independent rating agency or based upon our internal credit analysis). This amount includes $280 million of U.S. federal government transactions and $102 million of transactions where the ultimate obligors are state or local governments. Transactions may have guaranties of energy savings from third party service providers, the majority of which are entities rated investment grade by an independent rating agency. (2) Transactions where the projects or the ultimate obligors are commercial entities, including institutions such as hospitals or universities, that have been rated investment grade (either by an independent rating agency or based on our internal credit analysis). Of this total, $62 million of the transactions have been rated investment grade by an independent rating agency. Commercial investment grade financing receivables includes $137 million of internally rated residential solar loans where the cash flows which support our financing receivables are subordinated to the tax equity investors (whose return is largely derived from the renewable energy tax incentives) and for which we rely on certain tax related indemnities of the publicly traded residential solar provider. (3) Transactions where the projects or the ultimate obligors are commercial entities, including institutions such as hospitals or universities, that have ratings below investment grade (either by an independent rating agency or using our internal credit analysis). (4) Consists of minority ownership interest in operating wind projects in which we earn a preferred return. (5) Includes the real estate and the lease intangible assets through which we receive scheduled lease payments, typically under long-term triple net lease agreements. (6) Excludes 77 transactions each with outstanding balances that are less than $1 million and that in the aggregate total $25 million. The components of financing receivables as of June 30, 2015 and December 31, 2014, were as follows: June 30, December 31, (amounts in millions) Financing receivables Financing or minimum lease payments (1) $ 863 $ 723 Unearned interest income (171 ) (166 ) Allowance for credit losses — (1 ) Unearned fee income, net of initial direct costs (3 ) (3 ) Financing receivables (1) $ 689 $ 553 (1) Excludes $85 million and $62 million in financing receivables held-for-sale as of June 30, 2015 and December 31, 2014, respectively. In accordance with the terms of certain financing receivables purchase agreements, payments of the purchase price is scheduled to be made over time, generally within twelve months of entering into the transaction, and as a result, we have recorded deferred funding obligations of $96 million and $88 million as of June 30, 2015 and December 31, 2014, respectively. We have $0.4 million and $3.0 million in restricted cash as of June 30, 2015 and December 31, 2014, respectively, which will be used to pay these funding obligations. The following table provides a summary of our anticipated maturity dates of our financing receivables and investments and the weighted average yield for each range of maturities as of June 30, 2015: Total Less than 1 year 1-5 years 5-10 years More than (amounts in millions) Financing Receivables (1) Payment due by period $ 689 $ 1 $ 140 $ 46 $ 502 Weighted average yield by period 5.5 % 7.2 % 6.2 % 5.8 % 5.3 % Investments Payment due by period $ 28 $ — $ 13 $ — $ 15 Weighted average yield by period 5.1 % — % 5.7 % — % 4.4 % (1) Excludes financing receivables held-for-sale of $85 million. The components of our real estate portfolio as of June 30, 2015 and December 31, 2014, were as follows: June 30, December 31, (amounts in millions) Real Estate Land $ 127 $ 91 Real estate related intangibles 26 23 Accumulated amortization of real estate intangibles (1 ) (0 ) Real Estate $ 152 $ 114 The real estate related intangible assets will be amortized on a straight-line basis over the long term land lease agreements with expiration dates that range between the years 2033 and 2044 under the initial terms and 2047 and 2061 assuming anticipated extensions by the lessees. There are conservation easement agreements covering two of our properties that limit the use of the property upon expiration of the respective leases. As of June 30, 2015, the future amortization expense of these intangible assets was as follows: Year Ending December 31, (amounts in From July 1, 2015 to December 31, 2015 $ 0.3 2016 0.7 2017 0.7 2018 0.7 2019 0.7 2020 0.7 Thereafter 21.7 Total $ 25.5 As of June 30, 2015, the future minimum rental income under our land lease agreements is as follows: Year Ending December 31, (amounts in From July 1, 2015 to December 31, 2015 $ 6 2016 12 2017 12 2018 12 2019 12 2020 12 Thereafter 396 Total $ 462 During the quarter ended June 30, 2015, we collected the outstanding net balance of $0.8 million, on our previously disclosed estimated recovery amount carried in commercial non-investment grade financing receivables as a final recovery from the EnergySource LLC (“EnergySource”) loan and therefore, we charged off the remaining loan balance of $1.2 million against the allowance of $1.2 million. There was no impact on the statement of operations for the charge off of this loan during the three and six months ended June 30, 2015. Certain of our executive officers and directors own an indirect minority interest in EnergySource following the distribution of the Predecessor’s ownership interest prior to our IPO. We had no other financing receivables, investments or leases on nonaccrual status as of June 30, 2015 or December 31, 2014. There was no provision for credit losses for the three and six months ended June 30, 2015 or 2014. We did not have any loan modifications that qualify as trouble debt restructurings for the three months ended June 30, 2015 or 2014. |
Credit Facility
Credit Facility | 6 Months Ended |
Jun. 30, 2015 | |
Text Block [Abstract] | |
Credit Facility | 7. Credit Facility We have a senior secured revolving credit facility with total maximum advances of $1.5 billion following an amendment that was completed in July 2015. The terms of the credit facility are set forth in (i) the Loan Agreement (G&I), as amended (the “G&I Loan Agreement”) that provides for borrowings in the principal amount of $150 million to be used to leverage certain qualifying government and institutional financings entered into by us, with maximum total advances (without giving effect to prepayments or repayments) of $450 million and (ii) the Loan Agreement (PF), as amended (the “PF Loan Agreement”) that provides for borrowings in the principal amount of $400 million to be used to leverage certain qualifying project financings entered into by us, with maximum total advances (without giving effect to prepayments or repayments) of $1.05 billion. The $400 million is subject to being reduced to $350 million upon the repayment of borrowings related to certain projects and the release of the related collateral. The G&I Loan Agreement and PF Loan Agreements together are referred to as the “Loan Agreements.” The scheduled termination date of each of the Loan Agreements is July 19, 2019. Loans under the G&I Loan Agreement bear interest at a rate equal to the London Interbank Offered Rate (“LIBOR”) plus 1.5% or, under certain circumstances, 1.5% plus the highest of (i) the Federal Funds Rate plus 0.5%, (ii) the rate of interest publicly announced by Bank of America from time to time as its “prime rate,” and (iii) LIBOR plus 1.0%. Loans under the PF Loan Agreement bear interest at a rate equal to LIBOR plus 2.5% or, under certain circumstances, 2.5% plus the highest of (i) the Federal Funds Rate plus 0.5%, (ii) the rate of interest publicly announced by Bank of America from time to time as its “prime rate,” and (iii) LIBOR plus 1.0%. Under the PF Loan Agreement, we also have the option to borrow at a fixed rate of interest until the expiration of the credit facility in July 2019. The fixed rate is determined by agreement with the Administrative Agent and is based on the prevailing US SWAP rate of an equivalent term to the average-life of the fixed rate portion of the borrowing plus an agreed upon margin. The loans are made through wholly-owned special purpose subsidiaries (the “Borrowers”) and we have guaranteed the obligations of the Borrowers under each of the Loan Agreements pursuant to (x) a Continuing Guaranty, dated July 19, 2013, and (y) a Limited Guaranty, dated July 19, 2013, both as amended and restated. Any financing we propose to be included in the borrowing base as collateral under the Loan Agreements is subject to the approval of the administrative agent in its sole discretion and the payment of a placement fee. We may, with the consent of the administrative agent, borrow against new projects before such projects become Approved Financings (as defined in the PF Loan Agreement) but after they have been pledged as collateral. The amount eligible to be drawn under the Loan Agreements for purposes of financing such investments will be based on a discount to the value of each investment or an applicable valuation percentage. Under the G&I Loan Agreement, the applicable valuation percentage for non-delinquent investments is 85% in the case of a U.S. federal government obligor, 80% in the case of an institutional obligor or a state and local obligor, and with respect to other obligors or in certain circumstances, such other percentage as the administrative agent may prescribe. Under the PF Loan Agreement, the applicable valuation percentage is 67% or such other percentage as the administrative agent may prescribe. The sum of approved financings after taking into account the valuation percentages and any changes in the valuation of the financings in accordance with the Loan Agreements determines the borrowing capacity, subject to the overall facility limits described above. The following table provides additional detail on our credit facility as of June 30, 2015 and December 31, 2014: June 30, December 31, (amounts in millions) Outstanding balance $ 420 $ 316 Value of collateral pledged to credit facility $ 640 $ 422 Weighted average short-term borrowing rate 2.3 % 2.4 % We incurred approximately $11 million of costs associated with the Loan Agreements that have been capitalized (included in other assets on the condensed consolidated balance sheets) and will be amortized on a straight-line basis over the term of the Loan Agreements. On each monthly payment date, the Borrowers shall also pay to the administrative agent, for the benefit of the lenders, certain availability fees for each Loan Agreement equal to 0.50%, divided by 360, multiplied by the excess of the available borrowing capacity under each Loan Agreement over the actual amount borrowed under such Loan Agreement. Each Loan Agreement contains terms, conditions, covenants, and representations and warranties that are customary and typical for a transaction of this nature. The Loan Agreements contain various affirmative and negative covenants, and limitations on the incurrence of liens and indebtedness, investments, fundamental organizational changes, dispositions, changes in the nature of business, transactions with affiliates, use of proceeds and stock repurchases. Each Loan Agreement also includes customary events of default, including the existence of a default in more than 50% of underlying financings. The occurrence of an event of default may result in termination of the Loan Agreements, acceleration of amounts due under both Loan Agreements, and accrual of default interest at a rate of LIBOR plus 2.50% in the case of the G&I Loan Agreement and at a rate of LIBOR plus 5.00% in the case of the PF Loan Agreement. We were in compliance with the required financial covenants described below at each quarterly reporting date that such covenants were applicable: Covenant Covenant Threshold Minimum Liquidity (defined as available borrowings under the Loan Agreements plus unrestricted cash divided by actual borrowings) of greater than: 5 % 12 month rolling Net Interest Margin of greater than: zero Maximum Debt to Equity Ratio of less than: (1) 4 to 1 (1) Debt is defined as Total Indebtedness excluding accounts payable and accrued expenses and nonrecourse debt. |
Nonrecourse Debt
Nonrecourse Debt | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Nonrecourse Debt | 8. Nonrecourse Debt Asset-Backed Nonrecourse Notes In December 2013, through certain of our subsidiaries, we issued in a private placement $100 million of nonrecourse asset-backed Notes (the “Notes”) with a fixed interest rate of 2.79%. The Notes mature in December 2019 and are secured by certain of our financing receivables included on our balance sheet. The Noteholders can only look to the cash flows of the pledged financing receivables to satisfy the Notes and we are not liable for nonpayment by the obligor of the financing receivables securing these Notes. As of June 30, 2015 and December 31, 2014, we had approximately $89 million and $92 million, respectively, of Notes outstanding, which were secured by approximately $103 million and $104 million, respectively, of our financing receivables included on our balance sheet. Upon maturity, the Notes are anticipated to have an outstanding debt balance of approximately $57 million. The Notes may be prepaid prior to December 2018, with a make-whole payment calculated as the present value of remaining principal and interest payments using a discount rate equal to the comparable-maturity treasury yield plus 50 basis points. After December 2018, the Notes may be prepaid at par. At maturity, we will have the option to rollover the remaining debt with a mutually agreed term and rate or repay the outstanding balance. In October 2014, through certain of our subsidiaries, we entered into a $115 million nonrecourse asset-backed loan agreement (the “ABS Loan Agreement”) with a fixed interest rate of 5.74% that matures in September 2021. Principal and interest is paid quarterly starting in March 2015 with a minimum principal payment amount equal to one-half percent (0.5%) of the principal amount of the loan plus additional principal payments based on available cash flow and a target debt balance. HAT Holdings II LLC, an indirect TRS subsidiary of the Company, has pledged its 100% ownership of the equity in HA Wind LLC which in turn has pledged all of its assets, which consists primarily of a 50% ownership interest in one of our joint ventures, as security for the loan. The loan is otherwise non-recourse to the Company. The expected remaining debt balance to be repaid at the maturity date is approximately $17 million. The ABS Loan Agreement contains terms, conditions, covenants, and representations and warranties from HA Wind LLC that are customary and typical for a transaction of this nature, including limitations on the incurrence of liens and indebtedness, investments, fundamental organizational changes, dispositions, changes in the nature of business, transactions with affiliates, use of proceeds and stock repurchases. The ABS Loan Agreement also includes customary events of default, the occurrence of which may result in termination of the Loan Agreement, acceleration of amounts due, and accrual of default interest at a rate of 7.74%. We incurred approximately $2 million of costs associated with our asset-backed nonrecourse debt that have been capitalized (included in other assets on the consolidated balance sheets) and are being amortized using the effective interest method over the respective term. Other Nonrecourse Debt We have other nonrecourse debt that was used to finance certain of our financing receivables for the term of the financing receivables. Amounts due under nonrecourse notes are secured by financing receivables with a carrying value of approximately $104 million and $108 million as of June 30, 2015 and December 31, 2014, respectively, and there is no recourse to our general assets. Debt service payment requirements, in a majority of cases, are equal to or less than the cash flows received from the underlying financing receivables. Analyses of other nonrecourse debt by interest rate are as follows: As of June 30, 2015 Balance Maturity (amounts in millions) Fixed-rate promissory notes, interest rates from 2.26% to 5.00% per annum $ 34 2017 to 2032 Fixed-rate promissory notes, interest rates from 5.01% to 6.50% per annum 52 2015 to 2031 Fixed-rate promissory notes, interest rates from 6.51% to 8.00% per annum 22 2015 to 2031 Other nonrecourse debt $ 108 As of December 31, 2014 Balance Maturity (amounts in millions) Fixed-rate $ 32 2015 to 2032 Fixed-rate 58 2015 to 2031 Fixed-rate 23 2015 to 2031 Other nonrecourse debt $ 113 The stated minimum maturities of nonrecourse debt as of June 30, 2015, were as follows: Nonrecourse Debt As of June 30, Asset Backed Other Nonrecourse Total (amounts in millions) 2016 $ 22 $ 17 $ 39 2017 20 16 36 2018 20 11 31 2019 21 5 26 2020 82 4 86 Thereafter 33 55 88 $ 198 $ 108 $ 306 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies Litigation The nature of our operations exposes us to the risk of claims and litigation in the normal course of our business. Other than non-material litigation arising out of the ordinary course of business, we are not currently subject to any legal proceedings that are probable of having a material adverse effect on our financial position, results of operations or cash flows. |
Income Tax
Income Tax | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax | 10. Income Tax We recorded a tax expense of $0.1 million for both the three and six months ended June 30, 2015, respectively, related to the activities of our TRS. We recorded an income tax benefit of $0.8 million for both the three and six months ended June 30, 2014. Our income tax expenses and benefits recorded were determined using a federal rate of 35% and a combined state rate, net of federal benefit, of 5%. There were no deferred tax assets or liabilities related to the activities of our TRS recorded as of June 30, 2015. We recorded a deferred tax liability in Accounts payable, accrued expenses and other on our consolidated balance sheet of $0.1 million related to the activities of our TRS as of December 31, 2014. |
Equity
Equity | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Equity | 11. Equity Dividends and Distributions Our board of directors declared the following dividends in 2014 and 2015: Announced Date Record Date Pay Date Amount per 3/13/14 3/27/14 4/9/14 $ 0.22 6/17/14 6/27/14 7/10/14 $ 0.22 9/16/14 9/26/14 10/9/14 $ 0.22 12/8/14 12/19/14 1/9/15 $ 0.26 3/17/15 3/30/15 4/9/15 $ 0.26 6/16/15 6/30/15 7/9/15 $ 0.26 We completed the following public offerings of common stock: Closing Date Shares Issued 1 Price Per Share Net Proceeds 2 (amounts in millions, except per share amounts) 4/23/13 14.2 $ 12.50 $ 160 4/29/14 5.8 $ 13.00 $ 70 10/31/14 4.6 $ 13.60 $ 59 5/4/15 4.6 $ 18.50 $ 82 1 Includes shares issued in connection with the exercise of the underwriters’ option to purchase additional shares. 2 Net proceeds from the offerings is shown after deducting underwriting discounts, commissions, other offering costs and, in the case of our initial public offering, formation transaction costs. Awards of Shares of Restricted Common Stock under our 2013 Plan We recognize equity-based compensation expense as described in Note 2 and have issued both awards with service conditions and awards with both service and performance conditions. During the six months ended June 30, 2015, our board of directors awarded employees and directors 174,585 shares of restricted common stock that vest in 2015 to 2019 and 390,131 shares of restricted common stock to certain employees that vest upon the achievement of certain performance targets. As of June 30, 2015, we have concluded that it is probable that the performance conditions will be met. For the three and six months ended June 30, 2015, we recorded $2.8 million and $5.0 million respectively, of equity-based compensation expense as compared to $1.5 million and $2.0 million, respectively, for the three and six months ended June 30, 2014. The total unrecognized compensation expense related to awards of shares of restricted common stock was $13.7 million as of June 30, 2015, that is expected to be recognized over a weighted-average term of approximately two years. The calculation of the equity-based compensation expense assumes a forfeiture rate up to 5%. A summary of the unvested shares of restricted common stock that have been issued is as follows: Restricted Weighted Average Value (in millions) Balance — December 31, 2013 598,815 $ 12.50 $ 7.5 Granted 529,100 14.18 7.5 Vested (149,709 ) 12.50 (1.9 ) Forfeited (13,386 ) 12.99 (0.2 ) Balance — December 31, 2014 964,820 $ 13.41 $ 12.9 Granted 564,716 17.27 9.8 Vested (235,774 ) 13.16 (3.1 ) Forfeited (16,752 ) 15.32 (0.3 ) Ending Balance — June 30, 2015 1,277,010 $ 15.14 $ 19.3 |
Earnings per Share of Common St
Earnings per Share of Common Stock | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings per Share of Common Stock | 12. Earnings per Share of Common Stock Both the net income or loss attributable to the non-controlling OP units and the non-controlling limited partners’ outstanding OP units have been excluded from the net of income or loss and the diluted earnings per share calculation attributable to common stockholders. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and are included in the computation of earnings per share pursuant to the two-class method. Any shares of common stock which, if included in the diluted earnings per share calculation, would have an anti-dilutive effect have been excluded from the diluted earnings per share calculation. The computation of basic and diluted earnings per common share is as follows: Three Months Ended Six Months Ended June 30, Numerator: 2015 2014 2015 2014 (in thousands, except share and per share data) Net income attributable to controlling shareholders and participating securities $ 1,470 $ 2,828 $ 3,592 $ 5,581 Less: Dividends paid on participating securities (315 ) (214 ) (691 ) (348 ) Undistributed earnings attributable to participating securities — — — — Net income attributable to controlling shareholders $ 1,155 $ 2,614 $ 2,901 $ 5,233 Denominator: Weighted-average number of common shares — basic 29,479,023 19,973,393 27,941,095 17,944,432 Weighted-average number of common shares — diluted 29,479,023 19,973,393 27,941,095 17,944,432 Basic earnings per common share $ 0.04 $ 0.13 $ 0.10 $ 0.29 Diluted earnings per common share $ 0.04 $ 0.13 $ 0.10 $ 0.29 Other Information: Weighted-average number of OP units 284,992 345,485 304,940 353,405 Unvested restricted common stock outstanding 1,277,010 974,406 |
Equity Method Investment in Aff
Equity Method Investment in Affiliate | 6 Months Ended |
Jun. 30, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investment in Affiliate | 13. Equity Method Investment in Affiliate Strong Upwind Joint Ventures As described in Notes 1 and 2, we have equity investments in joint ventures that own minority interests in wind projects. We account for our investments using the equity method of accounting and have elected to recognize earnings from these investments one quarter in arrears to allow for the receipt of financial information. During both the three and six months ended June 30, 2015, we have recognized a loss of $0.3 million from our equity method investments in the joint ventures. The following is a summary of the consolidated financial position and results of operations of the holding companies, accounted for using the equity method: As of and for the March 31, 2015 As of and for the ($ in millions, unaudited) Current Assets $ 56 $ 62 Total Assets $ 1,475 $ 1,501 Current Liabilities $ 9 $ 18 Total Liabilities $ 57 $ 66 Members’ Equity $ 1,418 $ 1,435 Revenue $ 40 $ 154 Income from Continuing Operations $ 14 $ 44 Net Income $ 14 $ 44 |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The condensed consolidated financial statements reflect all normal and recurring adjustments that, in the opinion of management, are necessary for a fair presentation of the financial position, results of operations, comprehensive income and cash flows for the periods presented. The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenues and expenses during the reporting period. The results of operations for the periods presented are not necessarily indicative of the results to be expected for the entire year. Certain information and footnote disclosures normally included in our annual consolidated financial statements have been condensed or omitted. Certain amounts in the prior year have been reclassified to conform to the current year presentation. The condensed consolidated financial statements include the accounts of the Company and its controlled subsidiaries, including the Operating Partnership. All significant intercompany transactions and balances have been eliminated in consolidation. Following the guidance for non-controlling interests in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation |
Financing Receivables | Financing Receivables Financing receivables include financing sustainable infrastructure project loans, receivables and direct financing leases. Unless otherwise noted, we generally have the ability and intent to hold our financing receivables for the foreseeable future and thus they are classified as held for investment. Our ability and intent to hold certain financing receivables may change from time to time depending on a number of factors, including economic, liquidity and capital conditions. The carrying value of financing receivables held for investment represents the present value of the note, lease or other payments, net of any unearned fee income, which is recognized as income over the term of the note or lease using the effective interest method. Financing receivables that are held for investment are carried, unless deemed impaired, at cost, net of any unamortized acquisition premiums or discounts and include origination and acquisition costs, as applicable. Financing receivables that we intend to sell in the short-term are classified as held-for-sale We evaluate our financing receivables for potential delinquency or impairment on at least a quarterly basis and more frequently when economic or other conditions warrant such an evaluation. When a financing receivable becomes 90 days or more past due, and if we otherwise do not expect the debtor to be able to service all of its debt or other obligations, we will generally consider the financing receivable delinquent or impaired and place the financing receivable on non-accrual status and cease recognizing income from that financing receivable until the borrower has demonstrated the ability and intent to pay contractual amounts due. If a financing receivable’s status significantly improves regarding the debtor’s ability to service the debt or other obligations, we will remove it from non-accrual status. A financing receivable is also considered impaired as of the date when, based on current information and events, it is determined that it is probable that we will be unable to collect all amounts due in accordance with the original contracted terms. Many of our financing receivables are secured by sustainable infrastructure projects. Accordingly, we regularly evaluate the extent and impact of any credit deterioration associated with the performance and value of the underlying project, as well as the financial and operating capability of the borrower, its sponsors or the obligor as well as any guarantors. We consider a number of qualitative and quantitative factors in our assessment, including, as appropriate, a project’s operating results, loan-to-value If a financing receivable is considered to be impaired, we record an allowance to reduce the carrying value of the financing receivable to the present value of expected future cash flows discounted at the financing receivable’s contractual effective rate or the amount realizable from other contractual terms such as the currently estimated fair market value of the collateral less estimated selling costs, if repayment is expected solely from the collateral. We charge off financing receivables against the allowance when we determine the unpaid principal balance is uncollectible, net of recovered amounts. |
Investments | Investments Investments include debt securities that meet the criteria of ASC 320, Investments—Debt and Equity Securities We evaluate our investments for OTTI on at least a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. Our OTTI assessment is a subjective process requiring the use of judgments and assumptions. Accordingly, we regularly evaluate the extent and impact of any credit deterioration associated with the financial and operating performance and value of the underlying project. We consider a number of qualitative and quantitative factors in our assessment. We first consider the current fair value of the security and the duration of any unrealized loss. Other factors considered include changes in the credit rating, performance of the underlying project, key terms of the transaction and support provided by the sponsor or guarantor. To the extent that we have identified an OTTI for a security and intend to hold the investment to maturity and we do not expect that we will be required to sell the security prior to recovery of the amortized cost basis, we recognize only the credit component of OTTI in earnings. We determine the credit component using the difference between the securities’ amortized cost basis and the present value of its expected future cash flows, discounted using the effective interest method or its estimated collateral value. Any remaining unrealized loss due to factors other than credit, or the non-credit component, is recorded in accumulated OCI. To the extent we hold investments with an OTTI and if we have made the decision to sell the security or it is more likely than not that we will be required to sell the security prior to recovery of its amortized cost basis, we recognize the entire portion of the impairment in earnings. Premiums or discounts on investment securities are amortized or accreted into investment interest income using the effective interest method. |
Real Estate | Real Estate Real estate reflects land or other real estate held on our balance sheet. Real estate intangibles reflect the value of associated lease intangibles, net of any amortization. In accordance with ASC 805, Business Combinations The fair value of the tangible assets of an acquired leased property is determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land, building and tenant improvements, if any, based on the determination of the fair values of these assets. The as-if-vacant fair value of a property is determined by management based on an appraisal of the property by a qualified appraiser. In allocating the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded as intangible assets based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases, and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining term of the lease, including renewal periods reasonably assured of being exercised by the lessee. The capitalized above-market lease values are amortized as a reduction of rental income and the capitalized below-market lease values are amortized as an increase to rental income. We also record, as appropriate, an intangible asset for in-place leases. The value of the leases in place at the time of the transaction is equal to the potential revenue (rent and expenses) lost if the leases were not in place (during downtime) and that would be incurred to obtain the lease. The amortization is calculated over the initial term unless management believes that it is reasonably assured that the tenant would exercise the renewal option, whereby we would amortize the value attributable to the renewal over the renewal period. If a lease were to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be written off. We record the purchases of real estate, other than in a business combination (i.e. real estate with no in-places leases), as asset acquisitions that are recorded at cost, including acquisition and closing costs. Our real estate is generally leased to tenants on a net lease basis, whereby the tenant is responsible for all operating expenses relating to the property, generally including property taxes, insurance, maintenance, repairs and capital expenditures. Revenue is recognized as rentals are earned and expenses (if any) are charged to operations as incurred. When scheduled rental revenue varies during the lease term, income is recognized on a straight-line basis, unless there is considerable risk as to collectability, so as to produce a constant periodic rent over the term of the lease. Accrued rental income is the aggregate difference between the scheduled rents which vary during the lease term and the income recognized on a straight-line basis and is recorded in other assets. |
Securitization of Receivables | Securitization of Receivables We have established various special purpose entities or securitization trusts for the purpose of securitizing certain financing receivables or other debt investments. We determined that the trusts used in securitizations are variable interest entities, as defined in ASC 810, Consolidation We account for transfers of financing receivables to these securitization trusts as sales pursuant to ASC 860, Transfers and Servicing Gain or loss on the sale of receivables is calculated based on the excess of the proceeds received from the securitization (less any transaction costs) plus any retained interests obtained over the cost basis of the receivables sold. For retained interests, we generally estimate fair value based on the present value of future expected cash flows using our best estimates of the key assumptions of anticipated losses, prepayment rates, and current market discount rates commensurate with the risks involved. We initially account for all separately recognized servicing assets and servicing liabilities at fair value and subsequently measure such servicing assets and liabilities using the amortization method. Servicing assets and liabilities are amortized in proportion to, and over the period of, estimated net servicing income with servicing income recognized as earned. We assess servicing assets for impairment at each reporting date. If the amortized cost of servicing assets is greater than the estimated fair value, we will recognize an impairment in net income. Our other retained interest in securitized assets, the residual assets, are classified as available-for-sale securities and carried at fair value on the condensed consolidated balance sheets in Other Assets. We generally do not sell our residual assets. Our residual assets are evaluated for impairment in a similar manner as described under “Investments” above. Interest income related to the residual assets is recognized using the effective interest rate method. If there is a change in expected cash flows related to the residual assets, we calculate a new yield based on the current amortized cost of the residual assets and the revised expected cash flows. This yield is used prospectively to recognize interest income. |
Modifications to Debt | Modifications to Debt We evaluate any modifications to our debt in accordance with the applicable guidance in ASC 470-50, Debt-Modifications |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include short-term government securities, certificates of deposit and money market funds, all of which had an original maturity of three months or less at the date of purchase. These securities are carried at their purchase price, which approximates fair value. |
Restricted Cash | Restricted Cash Restricted cash includes cash and cash equivalents set aside with certain lenders primarily to support deferred funding and other obligations outstanding at the balance sheet dates. |
Variable Interest Entities and Equity Method Investment in Affiliate | Variable Interest Entities and Equity Method Investment in Affiliate We account for our investment in entities that are considered variable interest entities under ASC 810. We perform an ongoing assessment to determine the primary beneficiary of each entity as required by ASC 810. See Securitization of Receivables Substantially all of the activities of the special purpose entities that are formed for the purpose of holding our financing receivables and investments on our balance sheet are closely associated with our activities. Based on our assessment, we determined that we have power over and receive the benefits of these special purpose entities; hence, we are the primary beneficiary and should consolidate these entities under the provisions of ASC 810. As described in Note 13, we made equity investments in joint ventures with JPMorgan. The ventures are jointly controlled with each member owning 50% of the voting stock. Based on our assessment, we have determined that the joint ventures are voting interest entities and we have the ability to exercise influence over their operating and financial policies and as such we therefore account for such investments using the equity method. We share in the cash flows and tax attributes of the joint ventures according to a negotiated schedule. Our joint ventures own minority interest in various limited liability holding companies that own operating wind projects. Each of the holding companies is majority owned and operated by a large wind energy company. Based on our assessment, we have determined that each of the holding companies is a variable interest entity and that we have the ability to exercise influence over operating and financial policies of the holding companies, but we are not the primary beneficiary as we do not have the power to direct the most important decisions related to the most significant activities of the investment. Thus we do not consolidate the joint ventures or the holding companies, but account for them using the equity method of accounting as described below. Under the equity method of accounting, the carrying value of our equity method investments is determined based on amounts we invested, adjusted for the equity in earnings or losses of investee allocated based on the partnership agreement, less distributions received. Because the partnership agreements contain preferences with regard to cash flows from operations, capital events and liquidation, we reflect our share of profits and losses by determining the difference between our “claim on the investee’s book value” at the end and the beginning of the period. This claim is calculated as the amount we would receive (or be obligated to pay) if the investee were to liquidate all of its assets at recorded amounts determined in accordance with U.S. GAAP and distribute the resulting cash to creditors and investors in accordance with their respective priorities. This method is commonly referred to as the hypothetical liquidation at book value method or (“HLBV”). Intra-company We evaluate the realization of our investment accounted for using the equity method if circumstances indicate that our investment is OTTI. OTTI impairment occurs when the estimated fair value of an investment is below the carrying value and the difference is determined to not be recoverable. This evaluation requires significant judgment regarding, but not limited to, the severity and duration of the impairment; the ability and intent to hold the securities until recovery; financial condition, liquidity, and near-term |
Income Taxes | Income Taxes We elected and qualified to be taxed as a REIT for U.S. federal income tax purposes, commencing with our taxable year ended December 31, 2013. To qualify as a REIT, we must meet a number of organizational and operational requirements, including a requirement that we currently distribute at least 90% of our net taxable income, excluding capital gains, to our shareholders. We intend to continue to meet the requirements for qualification as a REIT. As a REIT, we are not subject to U.S. federal corporate income tax on that portion of net income that is currently distributed to our owners. However, our taxable REIT subsidiaries (“TRS”) will generally be subject to U.S. federal, state, and local income taxes as well as taxes of foreign jurisdictions, if any. We account for income taxes of our TRS using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. We apply accounting guidance with respect to how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. This guidance requires the accounting and disclosure of tax positions taken or expected to be taken in the course of preparing our tax returns to determine whether the tax positions are “more likely than not” to be sustained by the applicable tax authority. We are required to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which includes U.S. federal and certain states. We have no examinations in progress, none are expected at this time, and years 2011 through 2014 are open. As of June 30, 2015 and December 31, 2014, we had no uncertain tax positions. Our policy is to recognize interest expense and penalties related to income tax matters as a component of other expense. There were no accrued interest and penalties as of June 30, 2015 and December 31, 2014, and no interest and penalties were recognized during the three or six months ended June 30, 2015 and 2014. |
Equity-Based Compensation | Equity-Based Compensation At the time of completion of our IPO, we adopted our 2013 Equity Incentive Plan (the “2013 Plan”), which provides for grants of stock options, stock appreciation rights, restricted stock units, shares of restricted common stock, phantom shares, dividend equivalent rights, long-term incentive-plan units (“LTIP units”) and other restricted limited partnership units issued by our Operating Partnership and other equity-based awards. From time to time, we may award unvested restricted shares as compensation to members of our senior management team, our independent directors, employees, advisors, consultants and other personnel under our 2013 Plan. We record compensation expense for stock awards in accordance with ASC 718, Compensation—Stock Compensation |
Earnings Per Share | Earnings Per Share We compute earnings per share of common stock in accordance with ASC 260, Earnings Per Share weighted-average |
Segment Reporting | Segment Reporting We provide and arrange debt and equity financing for sustainable infrastructure projects and report all of our activities as one business segment. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Revenue from Contracts with Customers In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers Debt Issuance Costs In April 2015, the FASB issued ASU No. 2015-03, Interest – Imputation of Interest |
The Company (Tables)
The Company (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Purchase Price Allocation | The purchase price allocation for our business combinations, which reflects our estimates of the fair value of the assets acquired, is as follows (amounts in millions): Financing receivables $ 37 Real estate 67 Real estate related intangibles 20 Goodwill 2 Purchase Price $ 126 |
Summary of Unaudited Pro Forma Information | The unaudited pro forma summary below presents the consolidated results of operations of these business combinations for the period prior to our acquisition, as if the acquisition was completed on January 1, 2013. The pro forma information is not necessarily indicative of what our actual results of operations would have been for the period, nor does it purport to represent our estimate of future results of operations. For the six months ended (amounts in millions, unaudited) Pro forma net investment revenue $ 15 Pro forma net income $ 7 |
Equity Method Investment in A23
Equity Method Investment in Affiliate (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Schedule of Investments in Equity Method Affiliate | The following is a summary of the consolidated financial position and results of operations of the holding companies, accounted for using the equity method: As of and for the March 31, 2015 As of and for the ($ in millions, unaudited) Current Assets $ 56 $ 62 Total Assets $ 1,475 $ 1,501 Current Liabilities $ 9 $ 18 Total Liabilities $ 57 $ 66 Members’ Equity $ 1,418 $ 1,435 Revenue $ 40 $ 154 Income from Continuing Operations $ 14 $ 44 Net Income $ 14 $ 44 |
Joint Ventures [Member] | |
Schedule of Investments in Equity Method Affiliate | We have made several investments in joint ventures with an affiliate of JPMorgan Chase & Co (“JPMorgan”) to purchase and hold minority interests in wind projects, including through Strong Upwind Holdings II LLC (“Strong Upwind II”), which acquired additional interests this quarter in several of the operating wind projects held by Strong Upwind Holdings I LLC (“Strong Upwind I”). Through these joint ventures, we own minority interests in four limited liability holding companies that own ten operating wind projects. Each of the holding companies is controlled and operated by a large wind energy company. Date Transaction Investment JV Partner ($ in millions) October 2014 Strong Upwind I $ 141 JPMorgan April 2015 Strong Upwind II $ 36 JPMorgan |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Value and Carrying Value of Financial Assets and Liabilities | As of June 30, 2015 Fair Value Carrying Level (amounts in millions) Assets Financing receivables $ 726 $ 689 Level 3 Financing receivables held-for-sale 85 85 Level 3 Investments available-for-sale (1) 28 28 Level 3 Liabilities Credit facility $ 420 $ 420 Level 3 Asset-backed nonrecourse notes 197 198 Level 3 Other nonrecourse debt 119 108 Level 3 (1) The amortized costs of our investments available-for-sale as of June 30, 2015, was $29 million. As of December 31, 2014 Fair Value Carrying Level (amounts in millions) Assets Financing receivables (1) $ 598 $ 553 Level 3 Financing receivables held-for-sale 62 62 Level 3 Investments available-for-sale (2) 27 27 Level 3 Liabilities Credit facility $ 316 $ 316 Level 3 Asset-backed nonrecourse notes 208 208 Level 3 Other nonrecourse debt 127 113 Level 3 (1) An allowance for loan losses of $1.2 million was included in the carrying value of the financing receivables as of December 31, 2014. There was no allowance for loan losses outstanding as of June 30, 2015. (2) The amortized costs of our investments available-for-sale as of December 31, 2014, was $27 million. |
Schedule of Reconciliation of Level 3 Investments Available-for-Sale Securities | The following table reconciles the beginning and ending balances for our Level 3 investments that are carried at fair value following the transfer of our investments to available-for-sale: For the three months For the six months 2015 2014 2015 2014 (amounts in millions) Balance, beginning of period $ 22.8 $ — $ 27.3 $ — Transfers to / purchases of available-for-sale debt securities 15.5 83.5 20.5 83.5 Payments on available-for-sale debt securities (1.0 ) — (8.6 ) — Sale of available-for-sale debt securities (8.5 ) (20.7 ) (10.8 ) (20.7 ) Gains on debt securities transferred to available for sale — 5.0 — 5.0 Gains on debt securities recorded in earnings 0.5 — 0.8 — Losses on debt securities recorded in OCI (0.8 ) (0.2 ) (0.7 ) (0.2 ) Balance, end of period $ 28.5 $ 67.6 $ 28.5 $ 67.6 |
Schedule of Cash Deposits Subject to Credit Risk | We had cash deposits that are subject to credit risk as shown below: June 30, December 31, (amounts in millions) Cash Deposits (including restricted cash) $ 35 $ 70 Amount of Cash Deposits in excess of amounts federally insured $ 32 $ 66 |
Non-Controlling Interest (Table
Non-Controlling Interest (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Noncontrolling Interest [Abstract] | |
Schedule of Non-Controlling Interest in Consolidated Entities | Units of limited partnership interests in the Operating Partnership (“OP units”) that are owned by other limited partners are included in non-controlling interest on our consolidated balance sheets. As of June 30, 2015, the following OP units were issued and outstanding: OP Units % of total Held by Limited Partners 284,992 1 % Held by the Company 32,498,992 99 % |
Securitization of Receivables (
Securitization of Receivables (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Summary of Certain Transactions with Securitization Trusts | The following summarizes certain transactions with our securitization trusts: For the Six Months 2015 2014 (amounts in millions) Gains on securitizations $ 4 $ 4 Purchase of receivables securitized $ 96 $ 111 Proceeds from securitizations $ 100 $ 115 Residual and servicing assets included in Other Assets $ 10 $ 6 Cash received from residual and servicing assets $ 1 $ 1 |
Our Portfolio - Financing Rec27
Our Portfolio - Financing Receivables, Investments and Real Estate (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Receivables [Abstract] | |
Analysis of Portfolio by Type of Obligor and Credit Quality | The following is an analysis of our Portfolio by type of obligor and credit quality as of June 30, 2015, with 99% of the debt and real estate portion of our Portfolio rated investment grade as shown below: Investment Grade Government (1) Commercial (2) Commercial Non-Investment (3) Subtotal, Debt and Real Estate Equity Method (4) Total ($ in millions) Financing receivables $ 297 $ 392 $ — $ 689 $ — $ 689 Financing receivables held-for-sale 85 — — 85 — 85 Investments — 15 13 28 — 28 Real estate (5) — 152 — 152 — 152 Equity method investments — — — — 162 162 Total $ 382 $ 559 $ 13 $ 954 $ 162 $ 1,116 % of Debt and Real Estate Portfolio 40 % 59 % 1 % 100 % N/A N/A Average Remaining Balance (6) $ 13 $ 10 $ 13 $ 11 $ 16 $ 11 (1) Transactions where the ultimate obligor is the U.S. federal government or state or local governments where the obligors are rated investment grade (either by an independent rating agency or based upon our internal credit analysis). This amount includes $280 million of U.S. federal government transactions and $102 million of transactions where the ultimate obligors are state or local governments. Transactions may have guaranties of energy savings from third party service providers, the majority of which are entities rated investment grade by an independent rating agency. (2) Transactions where the projects or the ultimate obligors are commercial entities, including institutions such as hospitals or universities, that have been rated investment grade (either by an independent rating agency or based on our internal credit analysis). Of this total, $62 million of the transactions have been rated investment grade by an independent rating agency. Commercial investment grade financing receivables includes $137 million of internally rated residential solar loans where the cash flows which support our financing receivables are subordinated to the tax equity investors (whose return is largely derived from the renewable energy tax incentives) and for which we rely on certain tax related indemnities of the publicly traded residential solar provider. (3) Transactions where the projects or the ultimate obligors are commercial entities, including institutions such as hospitals or universities, that have ratings below investment grade (either by an independent rating agency or using our internal credit analysis). (4) Consists of minority ownership interest in operating wind projects in which we earn a preferred return. (5) Includes the real estate and the lease intangible assets through which we receive scheduled lease payments, typically under long-term triple net lease agreements. (6) Excludes 77 transactions each with outstanding balances that are less than $1 million and that in the aggregate total $25 million. |
Components of Financing Receivables | The components of financing receivables as of June 30, 2015 and December 31, 2014, were as follows: June 30, December 31, (amounts in millions) Financing receivables Financing or minimum lease payments (1) $ 863 $ 723 Unearned interest income (171 ) (166 ) Allowance for credit losses — (1 ) Unearned fee income, net of initial direct costs (3 ) (3 ) Financing receivables (1) $ 689 $ 553 (1) Excludes $85 million and $62 million in financing receivables held-for-sale as of June 30, 2015 and December 31, 2014, respectively. |
Summary of Anticipated Maturity Dates of Financing Receivables and Investments and Weighted Average Yield | The following table provides a summary of our anticipated maturity dates of our financing receivables and investments and the weighted average yield for each range of maturities as of June 30, 2015: Total Less than 1 year 1-5 years 5-10 years More than (amounts in millions) Financing Receivables (1) Payment due by period $ 689 $ 1 $ 140 $ 46 $ 502 Weighted average yield by period 5.5 % 7.2 % 6.2 % 5.8 % 5.3 % Investments Payment due by period $ 28 $ — $ 13 $ — $ 15 Weighted average yield by period 5.1 % — % 5.7 % — % 4.4 % (1) Excludes financing receivables held-for-sale of $85 million. |
Components of Real Estate Portfolio | The components of our real estate portfolio as of June 30, 2015 and December 31, 2014, were as follows: June 30, December 31, (amounts in millions) Real Estate Land $ 127 $ 91 Real estate related intangibles 26 23 Accumulated amortization of real estate intangibles (1 ) (0 ) Real Estate $ 152 $ 114 |
Future Amortization Expenses Related to Intangible Assets | As of June 30, 2015, the future amortization expense of these intangible assets was as follows: Year Ending December 31, (amounts in From July 1, 2015 to December 31, 2015 $ 0.3 2016 0.7 2017 0.7 2018 0.7 2019 0.7 2020 0.7 Thereafter 21.7 Total $ 25.5 |
Future Minimum Rental Income under Land Lease Agreements | As of June 30, 2015, the future minimum rental income under our land lease agreements is as follows: Year Ending December 31, (amounts in From July 1, 2015 to December 31, 2015 $ 6 2016 12 2017 12 2018 12 2019 12 2020 12 Thereafter 396 Total $ 462 |
Credit Facility (Tables)
Credit Facility (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Text Block [Abstract] | |
Schedule of Additional Detail on Credit Facility | The following table provides additional detail on our credit facility as of June 30, 2015 and December 31, 2014: June 30, December 31, (amounts in millions) Outstanding balance $ 420 $ 316 Value of collateral pledged to credit facility $ 640 $ 422 Weighted average short-term borrowing rate 2.3 % 2.4 % |
Summary of Required Covenant Included in Loan Agreements | We were in compliance with the required financial covenants described below at each quarterly reporting date that such covenants were applicable: Covenant Covenant Threshold Minimum Liquidity (defined as available borrowings under the Loan Agreements plus unrestricted cash divided by actual borrowings) of greater than: 5 % 12 month rolling Net Interest Margin of greater than: zero Maximum Debt to Equity Ratio of less than: (1) 4 to 1 (1) Debt is defined as Total Indebtedness excluding accounts payable and accrued expenses and nonrecourse debt. |
Nonrecourse Debt (Tables)
Nonrecourse Debt (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Analysis of Other Nonrecourse Debt by Interest Rate | Analyses of other nonrecourse debt by interest rate are as follows: As of June 30, 2015 Balance Maturity (amounts in millions) Fixed-rate promissory notes, interest rates from 2.26% to 5.00% per annum $ 34 2017 to 2032 Fixed-rate promissory notes, interest rates from 5.01% to 6.50% per annum 52 2015 to 2031 Fixed-rate promissory notes, interest rates from 6.51% to 8.00% per annum 22 2015 to 2031 Other nonrecourse debt $ 108 As of December 31, 2014 Balance Maturity (amounts in millions) Fixed-rate $ 32 2015 to 2032 Fixed-rate 58 2015 to 2031 Fixed-rate 23 2015 to 2031 Other nonrecourse debt $ 113 |
Schedule of Minimum Maturities of Nonrecourse Debt | The stated minimum maturities of nonrecourse debt as of June 30, 2015, were as follows: Nonrecourse Debt As of June 30, Asset Backed Other Nonrecourse Total (amounts in millions) 2016 $ 22 $ 17 $ 39 2017 20 16 36 2018 20 11 31 2019 21 5 26 2020 82 4 86 Thereafter 33 55 88 $ 198 $ 108 $ 306 |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Summary of Dividends Declared by Board of Directors | Our board of directors declared the following dividends in 2014 and 2015: Announced Date Record Date Pay Date Amount per 3/13/14 3/27/14 4/9/14 $ 0.22 6/17/14 6/27/14 7/10/14 $ 0.22 9/16/14 9/26/14 10/9/14 $ 0.22 12/8/14 12/19/14 1/9/15 $ 0.26 3/17/15 3/30/15 4/9/15 $ 0.26 6/16/15 6/30/15 7/9/15 $ 0.26 |
Schedule of Common Stock Public Offerings | We completed the following public offerings of common stock: Closing Date Shares Issued 1 Price Per Share Net Proceeds 2 (amounts in millions, except per share amounts) 4/23/13 14.2 $ 12.50 $ 160 4/29/14 5.8 $ 13.00 $ 70 10/31/14 4.6 $ 13.60 $ 59 5/4/15 4.6 $ 18.50 $ 82 1 Includes shares issued in connection with the exercise of the underwriters’ option to purchase additional shares. 2 Net proceeds from the offerings is shown after deducting underwriting discounts, commissions, other offering costs and, in the case of our initial public offering, formation transaction costs. |
Summary of Unvested Shares of Restricted Common Stock | A summary of the unvested shares of restricted common stock that have been issued is as follows: Restricted Weighted Average Value (in millions) Balance — December 31, 2013 598,815 $ 12.50 $ 7.5 Granted 529,100 14.18 7.5 Vested (149,709 ) 12.50 (1.9 ) Forfeited (13,386 ) 12.99 (0.2 ) Balance — December 31, 2014 964,820 $ 13.41 $ 12.9 Granted 564,716 17.27 9.8 Vested (235,774 ) 13.16 (3.1 ) Forfeited (16,752 ) 15.32 (0.3 ) Ending Balance — June 30, 2015 1,277,010 $ 15.14 $ 19.3 |
Earnings per Share of Common 31
Earnings per Share of Common Stock (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Earnings Per Common Share | The computation of basic and diluted earnings per common share is as follows: Three Months Ended Six Months Ended June 30, Numerator: 2015 2014 2015 2014 (in thousands, except share and per share data) Net income attributable to controlling shareholders and participating securities $ 1,470 $ 2,828 $ 3,592 $ 5,581 Less: Dividends paid on participating securities (315 ) (214 ) (691 ) (348 ) Undistributed earnings attributable to participating securities — — — — Net income attributable to controlling shareholders $ 1,155 $ 2,614 $ 2,901 $ 5,233 Denominator: Weighted-average number of common shares — basic 29,479,023 19,973,393 27,941,095 17,944,432 Weighted-average number of common shares — diluted 29,479,023 19,973,393 27,941,095 17,944,432 Basic earnings per common share $ 0.04 $ 0.13 $ 0.10 $ 0.29 Diluted earnings per common share $ 0.04 $ 0.13 $ 0.10 $ 0.29 Other Information: Weighted-average number of OP units 284,992 345,485 304,940 353,405 Unvested restricted common stock outstanding 1,277,010 974,406 |
The Company - Additional Inform
The Company - Additional Information (Detail) | 1 Months Ended | 6 Months Ended | |||
Jun. 30, 2015USD ($)Project | May. 31, 2014USD ($) | Jun. 30, 2015USD ($)Project | May. 31, 2015USD ($) | Oct. 31, 2014USD ($) | |
Organization [Line Items] | |||||
Acquisition date | May 28, 2014 | ||||
Business combination consideration paid | $ 107,000,000 | ||||
Acquisition related costs | 2,500,000 | ||||
Liabilities assumed in connection with acquisitions | 0 | ||||
Acquisition completed date | Jan. 1, 2013 | ||||
JPMorgan [Member] | |||||
Organization [Line Items] | |||||
Proceeds from joint ventures | $ 3,000,000 | ||||
Joint Ventures [Member] | |||||
Organization [Line Items] | |||||
Number of limited liability companies | Project | 4 | 4 | |||
Number of operating projects | Project | 10 | ||||
Strong Upwind Holdings I LLC [Member] | JPMorgan [Member] | |||||
Organization [Line Items] | |||||
Project investment amount | $ 141,000,000 | $ 141,000,000 | $ 144,000,000 | $ 141,000,000 | |
AWCC [Member] | |||||
Organization [Line Items] | |||||
Business combination consideration paid | $ 19,000,000 |
The Company - Schedule of Purch
The Company - Schedule of Purchase Price Allocation (Detail) - AWCC [Member] $ in Millions | Jun. 30, 2015USD ($) |
Business Acquisition [Line Items] | |
Financing receivables | $ 37 |
Real estate | 67 |
Real estate related intangibles | 20 |
Goodwill | 2 |
Purchase Price | $ 126 |
The Company - Summary of Unaudi
The Company - Summary of Unaudited Pro Forma Information (Detail) - AWCC [Member] $ in Millions | 6 Months Ended |
Jun. 30, 2014USD ($) | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |
Pro forma net investment revenue | $ 15 |
Pro forma net income | $ 7 |
The Company - Schedule of Inves
The Company - Schedule of Investments in Equity Method Affiliates (Detail) - JPMorgan [Member] - USD ($) $ in Millions | Jun. 30, 2015 | May. 31, 2015 | Apr. 30, 2015 | Oct. 31, 2014 |
Strong Upwind Holdings I LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Project investment amount | $ 141 | $ 144 | $ 141 | |
Strong Upwind Holdings II LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Project investment amount | $ 36 |
Summary of Significant Accoun36
Summary of Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)Segment | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |||||
Financing receivable, past due | 90 days | ||||
Cash and cash equivalents original maturity period | 3 months | ||||
Impairment of equity method investments | $ 0 | $ 0 | |||
Real estate investment description | To qualify as a REIT, we must meet a number of organizational and operational requirements, including a requirement that we currently distribute at least 90% of our net taxable income, excluding capital gains, to our shareholders. | ||||
Income tax examination, description | We have no examinations in progress, none are expected at this time, and years 2011 through 2014 are open. | ||||
Uncertain tax positions | 0 | $ 0 | $ 0 | ||
Accrued interest and penalties | 0 | 0 | $ 0 | ||
Interest and penalties recognized during the period | $ 0 | $ 0 | $ 0 | $ 0 | |
Number of segment reported | Segment | 1 | ||||
2013 Plan [Member] | Performance Based Restricted Stock Award [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Stock-based award vesting minimum percentage | 0.00% | ||||
Stock-based award vesting maximum percentage | 150.00% | ||||
Stock-based award, range of vesting percentage description | The award earned is generally between 0% and 150% of the initial target, depending on the extent to which the performance target are met. | ||||
Joint Ventures [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Ownership percentage | 50.00% | 50.00% | |||
Minimum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Percentage of taxable income distributed to stockholders | 90.00% |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Fair Value and Carrying Value of Financial Assets and Liabilities (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value [Member] | Other Nonrecourse Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | $ 119 | |
Fair Value [Member] | Level 3 [Member] | Credit Facility [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 420 | $ 316 |
Fair Value [Member] | Level 3 [Member] | Other Nonrecourse Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 127 | |
Fair Value [Member] | Level 3 [Member] | Asset-Backed Nonrecourse Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 197 | 208 |
Fair Value [Member] | Level 3 [Member] | Financing Receivable [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 726 | 598 |
Fair Value [Member] | Level 3 [Member] | Financing Receivables Held-for-Sale [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 85 | 62 |
Fair Value [Member] | Level 3 [Member] | Investments Available-for-Sale [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 28 | 27 |
Carrying Value [Member] | Other Nonrecourse Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 108 | |
Carrying Value [Member] | Level 3 [Member] | Credit Facility [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 420 | 316 |
Carrying Value [Member] | Level 3 [Member] | Other Nonrecourse Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 113 | |
Carrying Value [Member] | Level 3 [Member] | Asset-Backed Nonrecourse Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 198 | 208 |
Carrying Value [Member] | Level 3 [Member] | Financing Receivable [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 689 | 553 |
Carrying Value [Member] | Level 3 [Member] | Financing Receivables Held-for-Sale [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 85 | 62 |
Carrying Value [Member] | Level 3 [Member] | Investments Available-for-Sale [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | $ 28 | $ 27 |
Fair Value Measurements - Sum38
Fair Value Measurements - Summary of Fair Value and Carrying Value of Financial Assets and Liabilities (Parenthetical) (Detail) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized costs | $ 29,000,000 | $ 27,000,000 |
Allowance for loan losses on financing receivables | 0 | 1,000,000 |
Financing Receivable [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Allowance for loan losses on financing receivables | $ 0 | $ 1,200,000 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Reconciliation of Level 3 Investments Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Balance, beginning of period | $ 27,273 | |||
Transfers to / purchases of available-for-sale debt securities | 20,486 | |||
Balance, end of period | $ 28,455 | 28,455 | ||
Level 3 [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Balance, beginning of period | 22,800 | 27,300 | ||
Transfers to / purchases of available-for-sale debt securities | 15,500 | $ 83,500 | 20,500 | $ 83,500 |
Payments on available-for-sale debt securities | (1,000) | (8,600) | ||
Sale of available-for-sale debt securities | (8,500) | (20,700) | (10,800) | (20,700) |
Gains on debt securities transferred to available for sale | 5,000 | 5,000 | ||
Gains on debt securities recorded in earnings | 500 | 800 | ||
Losses on debt securities recorded in OCI | (800) | (200) | (700) | (200) |
Balance, end of period | $ 28,500 | $ 67,600 | $ 28,500 | $ 67,600 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - Level 3 [Member] | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |
Fair value interest rate spreads, minimum | 2.00% |
Fair value interest rate spreads, maximum | 5.00% |
Fair Value Measurements - Sch41
Fair Value Measurements - Schedule of Cash Deposits Subject to Credit Risk (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value Disclosures [Abstract] | ||
Cash Deposits (including restricted cash) | $ 35 | $ 70 |
Amount of Cash Deposits in excess of amounts federally insured | $ 32 | $ 66 |
Non-Controlling Interest - Sche
Non-Controlling Interest - Schedule of Non-Controlling Interest in Consolidated Entities (Detail) - Jun. 30, 2015 - shares | Total |
Noncontrolling Interest [Abstract] | |
Held by Limited Partners, OP units | 284,992 |
Held by the Company, OP units | 32,498,992 |
Held by Limited Partners, Percentage | 1.00% |
Held by the Company, Percentage | 99.00% |
Non-Controlling Interest - Addi
Non-Controlling Interest - Additional Information (Detail) - Jun. 30, 2015 - shares | Total | Total |
Noncontrolling Interest [Abstract] | ||
Exchange of operating partnership units to common stock | 0 | 46,290 |
Securitization of Receivables -
Securitization of Receivables - Summary of Certain Transactions with Securitization Trusts (Detail) - Securitization Trust [Member] - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Fair Value Assumption, Date of Securitization or Asset-backed Financing Arrangement, Transferor's Continuing Involvement, Servicing Assets or Liabilities [Line Items] | ||
Gains on securitizations | $ 4 | $ 4 |
Purchase of receivables securitized | 96 | 111 |
Proceeds from securitizations | 100 | 115 |
Cash received from residual and servicing assets | 1 | 1 |
Residual Assets [Member] | ||
Fair Value Assumption, Date of Securitization or Asset-backed Financing Arrangement, Transferor's Continuing Involvement, Servicing Assets or Liabilities [Line Items] | ||
Residual and servicing assets included in Other Assets | $ 10 | $ 6 |
Securitization of Receivables45
Securitization of Receivables - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||||
Discount rates to determine fair market value of underlying assets | 8.00% | ||||
Managed receivables | $ 2,800,000,000 | $ 2,800,000,000 | $ 2,500,000,000 | ||
Securitization credit losses | 0 | $ 0 | 0 | $ 0 | |
Asset-backed Securities, Securitized Loans and Receivables [Member] | |||||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||||
Managed receivables | $ 1,800,000,000 | $ 1,800,000,000 | $ 1,700,000,000 | ||
Minimum [Member] | |||||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||||
Annual servicing fees | 0.05% | ||||
Maximum [Member] | |||||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||||
Annual servicing fees | 0.20% |
Our Portfolio - Financing Rec46
Our Portfolio - Financing Receivables, Investments, Real Estate and Equity Method Investments - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Financing Receivable, Recorded Investment [Line Items] | |||||
Financing receivables, investments, real estate and equity method investments | $ 1,116,000,000 | $ 1,116,000,000 | |||
Deferred funding obligations | 95,700,000 | 95,700,000 | $ 88,288,000 | ||
Restricted cash | 400,000 | 400,000 | 3,000,000 | ||
Charged off of receivable against allowance | 1,200,000 | ||||
Allowance for credit losses | 0 | 0 | 1,000,000 | ||
Other financing receivables on non accrual status | 0 | 0 | $ 0 | ||
Provision for credit losses | 0 | $ 0 | |||
Loan modifications that qualify as trouble debt restructurings | $ 0 | $ 0 | |||
Energy Source LLC [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Recovered of loan outstanding balance | $ 800,000 | ||||
Credit Concentration Risk [Member] | Debt and Real Estate Portfolio [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
% of Debt and Real Estate Portfolio | 99.00% | ||||
Minimum [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Long term land lease agreements expiration dates range | 2,033 | ||||
Long term land lease agreements extended expiration dates range | 2,047 | ||||
Maximum [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Long term land lease agreements expiration dates range | 2,044 | ||||
Long term land lease agreements extended expiration dates range | 2,061 |
Our Portfolio - Financing Rec47
Our Portfolio - Financing Receivables, Investments, Real Estate and Equity Method Investments - Analysis of Portfolio by Type of Obligor and Credit Quality (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | $ 689,000 | |
Financing receivables held-for-sale | 85,461 | $ 62,275 |
Investments | 28,455 | 27,273 |
Real estate | 152,000 | |
Equity method investments | 161,648 | $ 143,903 |
Total | 1,116,000 | |
Average Remaining Balance | 11,000 | |
Commercial Investment Grade [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 392,000 | |
Investments | 15,000 | |
Real estate | 152,000 | |
Total | 559,000 | |
Average Remaining Balance | 10,000 | |
Commercial Non-Investment Grade [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Investments | 13,000 | |
Total | 13,000 | |
Average Remaining Balance | $ 13,000 | |
Credit Concentration Risk [Member] | Debt and Real Estate Portfolio [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
% of Debt and Real Estate Portfolio | 99.00% | |
Credit Concentration Risk [Member] | Commercial Investment Grade [Member] | Debt and Real Estate Portfolio [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
% of Debt and Real Estate Portfolio | 59.00% | |
Credit Concentration Risk [Member] | Commercial Non-Investment Grade [Member] | Debt and Real Estate Portfolio [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
% of Debt and Real Estate Portfolio | 1.00% | |
Government [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | $ 297,000 | |
Financing receivables held-for-sale | 85,000 | |
Total | 382,000 | |
Average Remaining Balance | $ 13,000 | |
Government [Member] | Credit Concentration Risk [Member] | Debt and Real Estate Portfolio [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
% of Debt and Real Estate Portfolio | 40.00% | |
Subtotal, Debt and Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | $ 689,000 | |
Financing receivables held-for-sale | 85,000 | |
Investments | 28,000 | |
Real estate | 152,000 | |
Total | 954,000 | |
Average Remaining Balance | $ 11,000 | |
Subtotal, Debt and Real Estate [Member] | Credit Concentration Risk [Member] | Debt and Real Estate Portfolio [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
% of Debt and Real Estate Portfolio | 100.00% | |
Equity Method Investments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Equity method investments | $ 161,648 | |
Total | 162,000 | |
Average Remaining Balance | $ 16,000 |
Our Portfolio - Financing Rec48
Our Portfolio - Financing Receivables, Investments, Real Estate and Equity Method Investments - Analysis of Portfolio by Type of Obligor and Credit Quality (Parenthetical) (Detail) - Jun. 30, 2015 $ in Millions | USD ($)Transactions |
Financing Receivable, Recorded Investment [Line Items] | |
Number of transactions | Transactions | 77 |
Financial receivable outstanding, Average Remaining Balance | $ 11 |
Total aggregate remaining balance | 25 |
Investment Grade By Independent Rating Agency [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total financing receivable | 62 |
U.S. Federal Government [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total financing receivable | 280 |
State, Local, Institutions [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total financing receivable | 102 |
Maximum [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financial receivable outstanding, Average Remaining Balance | 1 |
Commercial Investment Grade [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financial receivable outstanding, Average Remaining Balance | 10 |
Commercial Investment Grade [Member] | Residential Solar Loan [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total financing receivable | $ 137 |
Our Portfolio - Financing Rec49
Our Portfolio - Financing Receivables, Investments, Real Estate and Equity Method Investments - Components of Financing Receivables (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Financing receivables | ||
Financing or minimum lease payments | $ 863,000 | $ 723,000 |
Unearned interest income | (171,000) | (166,000) |
Allowance for credit losses | 0 | (1,000) |
Unearned fee income, net of initial direct costs | (3,000) | (3,000) |
Financing receivables | $ 688,632 | $ 552,706 |
Our Portfolio - Financing Rec50
Our Portfolio - Financing Receivables, Investments, Real Estate and Equity Method Investments - Components of Financing Receivables (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Receivables [Abstract] | ||
Financing receivables held-for-sale | $ 85 | $ 62 |
Our Portfolio - Financing Rec51
Our Portfolio - Financing Receivables, Investments, Real Estate and Equity Method Investments - Summary of Anticipated Maturity Dates of Financing Receivables and Investments and Weighted Average Yield (Detail) - Jun. 30, 2015 - USD ($) $ in Millions | Total |
Receivables [Abstract] | |
Financing Receivables, payment due total | $ 689 |
Financing Receivables, payment due in less than 1 year | 1 |
Financing Receivables, payment due in 1-5 years | 140 |
Financing Receivables, payment due in 5-10 years | 46 |
Financing Receivables, payment due in more than 10 years | $ 502 |
Financing Receivables, weighted average yield total | 5.50% |
Financing Receivables, weighted average yield in less than 1 year | 7.20% |
Financing Receivables, weighted average yield in 1-5 years | 6.20% |
Financing Receivables, weighted average yield in 5-10 years | 5.80% |
Financing Receivables, weighted average yield in more than 10 years | 5.30% |
Investments, payment due total | $ 28 |
Investments, payment due in less than 1 year | 0 |
Investments, payment due in 1-5 years | 13 |
Investments, payment due in 5-10 years | 0 |
Investments, payment due in more than 10 years | $ 15 |
Investments, weighted average yield total | 5.10% |
Investments, weighted average yield in less than 1 year | 0.00% |
Investments, weighted average yield in 1-5 years | 5.70% |
Investments, weighted average yield in 5-10 years | 0.00% |
Investments, weighted average yield in more than 10 years | 4.40% |
Our Portfolio - Financing Rec52
Our Portfolio - Financing Receivables, Investments, Real Estate and Equity Method Investments - Summary of Anticipated Maturity Dates of Financing Receivables and Investments and Weighted Average Yield (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Receivables [Abstract] | ||
Financing receivables held-for-sale | $ 85 | $ 62 |
Our Portfolio - Financing Rec53
Our Portfolio - Financing Receivables, Investments, Real Estate and Equity Method Investments - Components of Real Estate Portfolio (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Real Estate Properties [Line Items] | ||
Accumulated amortization of real estate intangibles | $ (1) | $ 0 |
Real Estate | 152 | 114 |
Land [Member] | ||
Real Estate Properties [Line Items] | ||
Real Estate | 127 | 91 |
Real Estate Related Intangibles [Member] | ||
Real Estate Properties [Line Items] | ||
Real Estate | $ 26 | $ 23 |
Our Portfolio - Financing Rec54
Our Portfolio - Financing Receivables, Investments and Real Estate - Future Amortization Expenses Related to Intangible Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Intangible Liability Disclosure [Abstract] | ||
From July 1, 2015 to December 31, 2015 | $ 300 | |
2,016 | 700 | |
2,017 | 700 | |
2,018 | 700 | |
2,019 | 700 | |
2,020 | 700 | |
Thereafter | 21,700 | |
Net intangible assets | $ 25,482 | $ 23,058 |
Our Portfolio - Financing Rec55
Our Portfolio - Financing Receivables, Investments, Real Estate and Equity Method Investments - Schedule of Future Minimum Rental Income under Land Lease Agreements (Detail) $ in Millions | Dec. 31, 2014USD ($) |
Receivables [Abstract] | |
From July 1, 2015 to December 31, 2015 | $ 6 |
2,016 | 12 |
2,017 | 12 |
2,018 | 12 |
2,019 | 12 |
2,020 | 12 |
Thereafter | 396 |
Total | $ 462 |
Credit Facility - Additional In
Credit Facility - Additional Information (Detail) - USD ($) | 1 Months Ended | 6 Months Ended | |
Apr. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | |
Line of Credit Facility [Line Items] | |||
Credit facility outstanding | $ 420,496,000 | $ 315,748,000 | |
Issuance costs | $ 11,000,000 | ||
Fees for loan agreement description | Fees for each Loan Agreement equal to 0.50%, divided by 360, multiplied by the excess of the available borrowing capacity under each Loan Agreement over the actual amount borrowed under such Loan Agreement. | ||
Default underlying financings | 50.00% | ||
Qualifying Government and Institutional Loans (G&I Facility) [Member] | |||
Line of Credit Facility [Line Items] | |||
Termination of credit facility | Jul. 19, 2019 | ||
Floating interest rate | 1.50% | ||
Qualifying Project Finance Loans (PF Facility) [Member] | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowings allowed at any point in time | $ 400,000,000 | ||
Line of credit facility, decrease in maximum borrowing capacity | $ 350,000,000 | ||
Termination of credit facility | Jul. 19, 2019 | ||
London Interbank Offered Rate | LIBOR plus 2.5% | ||
Floating interest rate | 2.50% | ||
Applicable valuation percentages | 67.00% | ||
London Interbank Offered Rate (LIBOR) [Member] | Qualifying Government and Institutional Loans (G&I Facility) [Member] | |||
Line of Credit Facility [Line Items] | |||
London Interbank Offered Rate | ("LIBOR") plus 1.5% | ||
Fixed interest rate | 1.50% | ||
London Interbank Offered Rate (LIBOR) [Member] | Qualifying Government and Institutional Loans (G&I Facility) [Member] | 1.5% [Member] | |||
Line of Credit Facility [Line Items] | |||
Floating interest rate | 1.00% | ||
London Interbank Offered Rate (LIBOR) [Member] | Qualifying Project Finance Loans (PF Facility) [Member] | |||
Line of Credit Facility [Line Items] | |||
Fixed interest rate | 2.50% | ||
London Interbank Offered Rate (LIBOR) [Member] | Qualifying Project Finance Loans (PF Facility) [Member] | 1.5% [Member] | |||
Line of Credit Facility [Line Items] | |||
Floating interest rate | 1.00% | ||
Federal Funds Effective Swap Rate [Member] | Qualifying Government and Institutional Loans (G&I Facility) [Member] | 1.5% [Member] | |||
Line of Credit Facility [Line Items] | |||
Floating interest rate | 0.50% | ||
Federal Funds Effective Swap Rate [Member] | Qualifying Project Finance Loans (PF Facility) [Member] | |||
Line of Credit Facility [Line Items] | |||
London Interbank Offered Rate | Federal Funds Rate plus 0.5% | ||
Federal Funds Effective Swap Rate [Member] | Qualifying Project Finance Loans (PF Facility) [Member] | 1.5% [Member] | |||
Line of Credit Facility [Line Items] | |||
Floating interest rate | 0.50% | ||
Credit Default Option [Member] | Qualifying Government and Institutional Loans (G&I Facility) [Member] | |||
Line of Credit Facility [Line Items] | |||
London Interbank Offered Rate | LIBOR plus 2.50% | ||
Floating interest rate | 2.50% | ||
Credit Default Option [Member] | Qualifying Project Finance Loans (PF Facility) [Member] | |||
Line of Credit Facility [Line Items] | |||
London Interbank Offered Rate | LIBOR plus 5.00% | ||
Floating interest rate | 5.00% | ||
U.S. Federal Government [Member] | Qualifying Government and Institutional Loans (G&I Facility) [Member] | |||
Line of Credit Facility [Line Items] | |||
Applicable valuation percentages | 85.00% | ||
Institutional [Member] | Qualifying Government and Institutional Loans (G&I Facility) [Member] | |||
Line of Credit Facility [Line Items] | |||
Applicable valuation percentages | 80.00% | ||
Senior Secured Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Maximum advances on credit facilities | $ 1,500,000,000 | ||
Senior Secured Revolving Credit Facility [Member] | Qualifying Government and Institutional Loans (G&I Facility) [Member] | |||
Line of Credit Facility [Line Items] | |||
Maximum advances on credit facilities | 450,000,000 | ||
Credit facility outstanding | 150,000,000 | ||
Senior Secured Revolving Credit Facility [Member] | Qualifying Project Finance Loans (PF Facility) [Member] | |||
Line of Credit Facility [Line Items] | |||
Maximum advances on credit facilities | 1,050,000,000 | ||
Credit facility outstanding | $ 400,000,000 |
Credit Facility - Schedule of A
Credit Facility - Schedule of Additional Detail on Credit Facility (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Disclosure [Abstract] | ||
Outstanding balance | $ 420,496 | $ 315,748 |
Value of collateral pledged to credit facility | $ 640,000 | $ 422,000 |
Weighted average short-term borrowing rate | 2.30% | 2.40% |
Credit Facility - Summary of Re
Credit Facility - Summary of Required Covenant Included in Loan Agreements (Detail) - Jun. 30, 2015 - Covenants Threshold [Member] - USD ($) | Total |
Line of Credit Facility [Line Items] | |
Minimum Liquidity (defined as available borrowings under the Loan Agreements plus unrestricted cash divided by actual borrowings) of greater than: | 5.00% |
12 month rolling Net Interest Margin of greater than: | $ 0 |
Maximum Debt to Equity Ratio of less than: | 4 |
Nonrecourse Debt - Additional I
Nonrecourse Debt - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | ||
Oct. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||||
Nonrecourse Asset-Backed Loan Agreement | $ 197,694 | $ 208,246 | ||
Cost on issuance of Notes | $ 11,000 | |||
Joint Ventures [Member] | ||||
Debt Instrument [Line Items] | ||||
Ownership percentage | 50.00% | |||
Asset-Backed Nonrecourse Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Nonrecourse Asset-Backed Loan Agreement | $ 100,000 | |||
Nonrecourse Asset-Backed Loan Agreement, interest rate | 2.79% | |||
Nonrecourse Asset-Backed Loan Agreement, maturity period | 2019-12 | |||
Outstanding Notes | $ 89,000 | 92,000 | ||
Amount of financing receivables pledged for Asset-Backed Notes | $ 103,000 | 104,000 | ||
Anticipated debt balance at maturity | $ 57,000 | |||
Prepayment penalty, maturity date | 2018-12 | |||
Make whole payment discount rate | 0.50% | |||
Asset-Backed Nonrecourse Loan Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Nonrecourse Asset-Backed Loan Agreement | $ 115,000 | |||
Nonrecourse Asset-Backed Loan Agreement, interest rate | 5.74% | |||
Nonrecourse Asset-Backed Loan Agreement, maturity period | 2021-09 | |||
Percentage of minimum principal payment amount | Minimum principal payment amount equal to one-half percent (0.5%) of the principal amount of the loan plus additional principal payments based on available cash flow and a target debt balance. | |||
Repayment of remaining debt balance in 2021 | $ 17,000 | |||
Default interest rate on debt in an event of default | 7.74% | |||
Cost on issuance of Notes | $ 2,000 | |||
Asset-Backed Nonrecourse Loan Agreement [Member] | Ha Wind LLC [Member] | ||||
Debt Instrument [Line Items] | ||||
Ownership percentage | 100.00% | |||
Asset-Backed Nonrecourse Loan Agreement [Member] | Joint Ventures [Member] | ||||
Debt Instrument [Line Items] | ||||
Ownership percentage | 50.00% | |||
Other Nonrecourse Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Amount of financing receivables pledged for Asset-Backed Notes | $ 104,000 | $ 108,000 |
Nonrecourse Debt - Analysis of
Nonrecourse Debt - Analysis of Other Nonrecourse Debt by Interest Rate (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Other nonrecourse debt, Balance | $ 107,510 | $ 112,525 |
Fixed-Rate Promissory Notes, Interest Rates from 2.26% to 5.00% Per Annum [Member] | ||
Debt Instrument [Line Items] | ||
Other nonrecourse debt, Balance | 34,000 | |
Fixed-Rate Promissory Notes, Interest Rates from 5.01% to 6.50% Per Annum [Member] | ||
Debt Instrument [Line Items] | ||
Other nonrecourse debt, Balance | 52,000 | 58,000 |
Fixed-Rate Promissory Notes, Interest Rates from 6.51% to 8.00% Per Annum [Member] | ||
Debt Instrument [Line Items] | ||
Other nonrecourse debt, Balance | $ 22,000 | 23,000 |
Fixed-Rate Promissory Notes, Interest Rates from 2.06% to 5.00% Per Annum [Member] | ||
Debt Instrument [Line Items] | ||
Other nonrecourse debt, Balance | $ 32,000 | |
Minimum [Member] | Fixed-Rate Promissory Notes, Interest Rates from 2.26% to 5.00% Per Annum [Member] | ||
Debt Instrument [Line Items] | ||
Other nonrecourse debt, Maturity | 2,017 | |
Minimum [Member] | Fixed-Rate Promissory Notes, Interest Rates from 5.01% to 6.50% Per Annum [Member] | ||
Debt Instrument [Line Items] | ||
Other nonrecourse debt, Maturity | 2,015 | 2,015 |
Minimum [Member] | Fixed-Rate Promissory Notes, Interest Rates from 6.51% to 8.00% Per Annum [Member] | ||
Debt Instrument [Line Items] | ||
Other nonrecourse debt, Maturity | 2,015 | 2,015 |
Minimum [Member] | Fixed-Rate Promissory Notes, Interest Rates from 2.06% to 5.00% Per Annum [Member] | ||
Debt Instrument [Line Items] | ||
Other nonrecourse debt, Maturity | 2,015 | |
Maximum [Member] | Fixed-Rate Promissory Notes, Interest Rates from 2.26% to 5.00% Per Annum [Member] | ||
Debt Instrument [Line Items] | ||
Other nonrecourse debt, Maturity | 2,032 | |
Maximum [Member] | Fixed-Rate Promissory Notes, Interest Rates from 5.01% to 6.50% Per Annum [Member] | ||
Debt Instrument [Line Items] | ||
Other nonrecourse debt, Maturity | 2,031 | 2,031 |
Maximum [Member] | Fixed-Rate Promissory Notes, Interest Rates from 6.51% to 8.00% Per Annum [Member] | ||
Debt Instrument [Line Items] | ||
Other nonrecourse debt, Maturity | 2,031 | 2,031 |
Maximum [Member] | Fixed-Rate Promissory Notes, Interest Rates from 2.06% to 5.00% Per Annum [Member] | ||
Debt Instrument [Line Items] | ||
Other nonrecourse debt, Maturity | 2,032 |
Nonrecourse Debt - Analysis o61
Nonrecourse Debt - Analysis of Other Nonrecourse Debt by Interest Rate (Parenthetical) (Detail) | Jun. 30, 2015 | Dec. 31, 2014 |
Fixed-Rate Promissory Notes, Interest Rates from 2.26% to 5.00% Per Annum [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Fixed-rate promissory notes, interest rates | 2.26% | |
Fixed-Rate Promissory Notes, Interest Rates from 2.26% to 5.00% Per Annum [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Fixed-rate promissory notes, interest rates | 5.00% | |
Fixed-Rate Promissory Notes, Interest Rates from 5.01% to 6.50% Per Annum [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Fixed-rate promissory notes, interest rates | 5.01% | 5.01% |
Fixed-Rate Promissory Notes, Interest Rates from 5.01% to 6.50% Per Annum [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Fixed-rate promissory notes, interest rates | 6.50% | 6.50% |
Fixed-Rate Promissory Notes, Interest Rates from 6.51% to 8.00% Per Annum [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Fixed-rate promissory notes, interest rates | 6.51% | 6.51% |
Fixed-Rate Promissory Notes, Interest Rates from 6.51% to 8.00% Per Annum [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Fixed-rate promissory notes, interest rates | 8.00% | 8.00% |
Fixed-Rate Promissory Notes, Interest Rates from 2.06% to 5.00% Per Annum [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Fixed-rate promissory notes, interest rates | 2.06% | |
Fixed-Rate Promissory Notes, Interest Rates from 2.06% to 5.00% Per Annum [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Fixed-rate promissory notes, interest rates | 5.00% |
Nonrecourse Debt - Schedule of
Nonrecourse Debt - Schedule of Minimum Maturities of Nonrecourse Debt (Detail) $ in Millions | Jun. 30, 2015USD ($) |
Debt Instrument [Line Items] | |
Maturity of Nonrecourse debt, 2016 | $ 39 |
Maturity of Nonrecourse debt, 2017 | 36 |
Maturity of Nonrecourse debt, 2018 | 31 |
Maturity of Nonrecourse debt, 2019 | 26 |
Maturity of Nonrecourse debt, 2020 | 86 |
Maturity of Nonrecourse debt, Thereafter | 88 |
Maturity of Nonrecourse debt, Total | 306 |
Asset-Backed Nonrecourse Notes [Member] | |
Debt Instrument [Line Items] | |
Maturity of Nonrecourse debt, 2016 | 22 |
Maturity of Nonrecourse debt, 2017 | 20 |
Maturity of Nonrecourse debt, 2018 | 20 |
Maturity of Nonrecourse debt, 2019 | 21 |
Maturity of Nonrecourse debt, 2020 | 82 |
Maturity of Nonrecourse debt, Thereafter | 33 |
Maturity of Nonrecourse debt, Total | 198 |
Other Nonrecourse Debt [Member] | |
Debt Instrument [Line Items] | |
Maturity of Nonrecourse debt, 2016 | 17 |
Maturity of Nonrecourse debt, 2017 | 16 |
Maturity of Nonrecourse debt, 2018 | 11 |
Maturity of Nonrecourse debt, 2019 | 5 |
Maturity of Nonrecourse debt, 2020 | 4 |
Maturity of Nonrecourse debt, Thereafter | 55 |
Maturity of Nonrecourse debt, Total | $ 108 |
Income Tax - Additional Informa
Income Tax - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Income Tax Holiday [Line Items] | |||||
Income tax (expense) benefit | $ (76) | $ 830 | $ (53) | $ 770 | |
TRS [Member] | |||||
Income Tax Holiday [Line Items] | |||||
Income tax (expense) benefit | $ 100 | $ 800 | $ 100 | $ 800 | |
Effective income tax rate reconciliation, at federal statutory income tax rate, Percent | 35.00% | ||||
Effective income tax rate reconciliation, State and local income taxes, Percent | 5.00% | ||||
Net deferred tax liabilities | $ 100 |
Equity - Summary of Dividends D
Equity - Summary of Dividends Declared by Board of Directors (Detail) - $ / shares | Jul. 09, 2015 | Apr. 09, 2015 | Jan. 09, 2015 | Oct. 09, 2014 | Jul. 10, 2014 | Apr. 09, 2014 | Jun. 30, 2015 |
03/27/14 Record Date [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Announced Date | Mar. 13, 2014 | ||||||
Record Date | Mar. 27, 2014 | ||||||
Pay Date | Apr. 9, 2014 | ||||||
Amount per share | $ 0.22 | ||||||
06/27/14 Record Date [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Announced Date | Jun. 17, 2014 | ||||||
Record Date | Jun. 27, 2014 | ||||||
Pay Date | Jul. 10, 2014 | ||||||
Amount per share | $ 0.22 | ||||||
9/26/2014 Record Date [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Announced Date | Sep. 16, 2014 | ||||||
Record Date | Sep. 26, 2014 | ||||||
Pay Date | Oct. 9, 2014 | ||||||
Amount per share | $ 0.22 | ||||||
12/19/14 Record Date [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Announced Date | Dec. 8, 2014 | ||||||
Record Date | Dec. 19, 2014 | ||||||
Pay Date | Jan. 9, 2015 | ||||||
Amount per share | $ 0.26 | ||||||
3/30/15 Record Date [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Announced Date | Mar. 17, 2015 | ||||||
Record Date | Mar. 30, 2015 | ||||||
Pay Date | Apr. 9, 2015 | ||||||
Amount per share | $ 0.26 | ||||||
6/30/15 Record Date [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Announced Date | Jun. 16, 2015 | ||||||
Record Date | Jun. 30, 2015 | ||||||
Pay Date | Jul. 9, 2015 | ||||||
6/30/15 Record Date [Member] | Subsequent Event [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Amount per share | $ 0.26 |
Equity - Schedule of Common Sto
Equity - Schedule of Common Stock Public Offerings (Detail) - Jun. 30, 2015 - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Total |
4/23/2013 Closing Date [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Public offerings of common stock, Closing Date | Apr. 23, 2013 |
Public offerings of common stock, Shares Issued | 14.2 |
Public offerings of common stock, Price Per Share | $ 12.50 |
Net proceeds from offering | $ 160 |
4/29/2014 Closing Date [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Public offerings of common stock, Closing Date | Apr. 29, 2014 |
Public offerings of common stock, Shares Issued | 5.8 |
Public offerings of common stock, Price Per Share | $ 13 |
Net proceeds from follow-on from public offering | $ 70 |
10/31/2014 Closing Date [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Public offerings of common stock, Closing Date | Oct. 31, 2014 |
Public offerings of common stock, Shares Issued | 4.6 |
Public offerings of common stock, Price Per Share | $ 13.60 |
Net proceeds from follow-on from public offering | $ 59 |
5/4/2015 Closing Date [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Public offerings of common stock, Closing Date | May 4, 2015 |
Public offerings of common stock, Shares Issued | 4.6 |
Public offerings of common stock, Price Per Share | $ 18.50 |
Net proceeds from follow-on from public offering | $ 82 |
Equity - Additional Information
Equity - Additional Information (Detail) - 2013 Plan [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Restricted Common Stock [Member] | Employees and Directors [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares awarded | 174,585 | |||
Restricted common shares vesting years | Vest in 2015 to 2019 | |||
Restricted Common Stock [Member] | Certain Employees [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares awarded | 390,131 | |||
Restricted Incentive [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity-based compensation expense | $ 2.8 | $ 1.5 | $ 5 | $ 2 |
Unrecognized compensation expense | $ 13.7 | $ 13.7 | ||
Weighted-average term in which unrecognized compensation expense is expected to be recognized | 2 years | |||
Assumed forfeiture rate for calculation of equity-based compensation expense | 5.00% |
Equity - Summary of Unvested Sh
Equity - Summary of Unvested Shares of Restricted Common Stock (Detail) - Restricted Incentive [Member] - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Beginning Balance, Restricted Shares of Common Stock | 964,820 | 598,815 |
Granted, Restricted Shares of Common Stock | 564,716 | 529,100 |
Vested, Restricted Shares of Common Stock | (235,774) | (149,709) |
Forfeited, Restricted Shares of Common Stock | (16,752) | (13,386) |
Ending Balance, Restricted Shares of Common Stock | 1,277,010 | 964,820 |
Beginning Balance, Weighted Average Share Price | $ 13.41 | $ 12.50 |
Granted, Weighted Average Share Price | 17.27 | 14.18 |
Vested, Weighted Average Share Price | 13.16 | 12.50 |
Forfeited, Weighted Average Share Price | 15.32 | 12.99 |
Ending Balance, Weighted Average Share Price | $ 15.14 | $ 13.41 |
Beginning Balance, Fair Value of Restricted Shares of Common Stock | $ 12.9 | $ 7.5 |
Granted, Fair Value of Restricted Shares of Common Stock | 9.8 | 7.5 |
Vested, Fair Value of Restricted Shares of Common Stock | (3.1) | (1.9) |
Forfeited, Fair Value of Restricted Shares of Common Stock | (0.3) | (0.2) |
Ending Balance, Fair Value of Restricted Shares of Common Stock | $ 19.3 | $ 12.9 |
Earnings per Share of Common 68
Earnings per Share of Common Stock - Schedule of Computation of Basic and Diluted Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Numerator: | ||||
Net income attributable to controlling shareholders and participating securities | $ 1,470 | $ 2,828 | $ 3,592 | $ 5,581 |
Less: Dividends paid on participating securities | (315) | (214) | (691) | (348) |
Undistributed earnings attributable to participating securities | 0 | 0 | 0 | 0 |
Net income attributable to controlling shareholders | $ 1,155 | $ 2,614 | $ 2,901 | $ 5,233 |
Denominator: | ||||
Weighted-average number of common shares-basic | 29,479,023 | 19,973,393 | 27,941,095 | 17,944,432 |
Weighted-average number of common shares-diluted | 29,479,023 | 19,973,393 | 27,941,095 | 17,944,432 |
Basic earnings per common share | $ 0.04 | $ 0.13 | $ 0.10 | $ 0.29 |
Diluted earnings per common share | $ 0.04 | $ 0.13 | $ 0.10 | $ 0.29 |
Other Information: | ||||
Weighted-average number of OP units | 284,992 | 345,485 | 304,940 | 353,405 |
Unvested restricted common stock outstanding | 1,277,010 | 974,406 |
Equity Method Investment in A69
Equity Method Investment in Affiliate - Additional Information (Detail) - Jun. 30, 2015 - USD ($) $ in Thousands | Total | Total |
Schedule of Equity Method Investments [Line Items] | ||
Loss from equity method investment in affiliate | $ 295 | $ 348 |
Strong Upwind Holdings LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Loss from equity method investment in affiliate | $ 300 | $ 300 |
Equity Method Investment in A70
Equity Method Investment in Affiliate - Summary of Consolidated Financial Position and Results of Operations of Holding Companies, Accounted for Using Equity Method (Detail) - Strong Upwind Holdings LLC [Member] - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Schedule Of Results Related To Equity Accounted Investees [Line Items] | ||
Current Assets | $ 56 | $ 62 |
Total Assets | 1,475 | 1,501 |
Current Liabilities | 9 | 18 |
Total Liabilities | 57 | 66 |
Members' Equity | 1,418 | 1,435 |
Revenue | 40 | 154 |
Income from Continuing Operations | 14 | 44 |
Net Income | $ 14 | $ 44 |